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Quarterly report: Colchester School District posts nearly $1 million surplus after deferred state reimbursement
Summary
Business and operations manager George told the Colchester School District board the second-quarter financials are close to last year’s pace, and an extraordinary, delayed state reimbursement increased reported revenue by about $1 million, producing a near-$900,000 surplus.
The Colchester School District Board heard its second-quarter financial report and was told the district is essentially tracking with last year’s spending after a one-time state reimbursement increased reported revenue by about $1 million.
George (business and operations manager) reported that “the second quarter has closed, and things are pretty much looking like you would expect them to,” and that current spending is about 43.76 percent of budget compared with 43.32 percent last year. He told the board the auditors required the district to book an extraordinary reimbursement from the state as deferred revenue, which increased…
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