Revere committee says FY25 closed within appropriation; projects $5.25 million carryforward into FY26

The Revere School Committee reviewed its final fiscal 2025 financial report and a preliminary projection that the district will meet or exceed the $5,250,000 carryforward assumed in the fiscal 2026 budget.

The final report, presented to the committee, showed that the district spent “within the bounds of the series appropriation vote,” and that the year closed without needing midyear budget amendments, the presenter said. The projection sheet in the packet showed a preliminary net-school-spending-eligible carryforward tracking at about $5.4 million, above the $5.25 million the FY26 budget assumed.

Why it matters: the assumed carryforward was built into the FY26 budget. If FY25 carryforward is lower than anticipated, the committee would need to consider October decisions on whether to use reserves or change planned allocations; if higher, the committee has some additional flexibility for one-time needs.

Details and constraints Committee members and staff emphasized that some of the money appearing on district books represents multi-year commitments and city funds that do not revert directly to the school committee’s discretionary reserves. The packet shows roughly $594,000 classified as “non-eligible” city funds provided for city-responsible items such as transportation; those amounts revert to the city if not spent.

The presenter also reminded members that the district has committed about $6 million to the McKinley renovation project; that commitment reduces the amount of the district reserve that can be used for other purposes. The committee’s roughly $10 million reserve, the presenter said, is likely to decline as those commitments are mobilized and as additional planned uses are executed.

Committee procedure and timeline Staff said the final, audited carryforward figure will be confirmed in late September or early October, and the committee typically votes in October about any allocation of available carryforward. The presenter recommended allowing the carryforward to “flow through” to the following year rather than spending it immediately, while leaving the option to use unanticipated surpluses if a critical need arises before the October meeting.

Comments from committee members asked for clearer packet notes in the future and sought confirmation on which funds are eligible to flow into district reserves versus those that revert to the city under the schedule-19 arrangement. Staff reiterated that the schedule-19 restrictions limit how some city-provided dollars may be used (transportation, employee benefits, capital items) and that different “buckets” appearing in the carryforward total represent those restrictions.

Next steps Staff will present the confirmed carryforward number in October and will continue to reconcile capital encumbrances related to projects such as McKinley.