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School board hears third-quarter financial report; reviews multiple finance-related policies and flags elevator repair cost
Summary
At the May 6 Colchester School Board meeting, district finance staff reported that third-quarter spending is tracking to plan but an unbudgeted elevator repair may cost $140,000–$150,000; the board moved several financial and grant-related policies forward and delayed final approval of the fiscal management policy for wording clarifications.
Colchester School District finance staff presented the third-quarter financial report at the May 6 school board meeting and told trustees revenues and expenditures are tracking close to prior-year levels but the district faces several cost pressures.
District finance staff member George reported that the district’s year-to-date spending rate was roughly 70.1 percent, near last year’s 69.7 percent, and that interest earnings were higher than expected. He said a timing anomaly was producing an extraordinary reimbursement that will increase revenue this fiscal year while some grant-funded spending (IDEA-B) is expected to be lower than budgeted. On the expense side, George flagged professional‑led services, construction work (including restroom renovations) and district software…
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