Board hears year-end unaudited finances and approves transfers

District finance staff reported year-end unaudited financials for fiscal 2024–25 showing a projected net favorable position after adjustments of $1,057,365. The board then approved year-end transfers totaling $519,870.84 as part of routine fiscal-year closing adjustments.

The finance presenter said the initial projected net favorable position was $1,110,000 and that after accounting for revenue shortfalls of about $181,000 the revised net favorable position is $1,057,365. Major contributors to available funds included an unallocated personnel balance ($472,551), special-education out-of-district transportation savings ($119,661) and unexpended private special-education tuition ($90,138). The presenter also said tuition revenues increased as the district enrolled students from two other districts and E-rate reimbursements exceeded projections.

The board discussed how capital encumbrances roll forward; the presenter explained that $90,404 shown in the capital improvement fund had rolled to fiscal 2025–26 as an encumbrance for the track project and therefore was not a new available resource for 2024–25 operating use.

A motion to approve the transfers in the amount of $519,870.84 was moved and seconded and carried on an aye vote; no opposition or abstentions were recorded. Finance staff said the 2% fund balance retention (approximately $640,323) would be held through the audit process and that $417,042 would be credited back to the towns in the 2026–27 budget process. The figures reported were flagged as unaudited and subject to adjustment during the formal audit.