Madison finance committee recommends year-end line transfers, flags baseball field funding shortfall

Galen, chairing the Madison Board of Education Finance Committee, called the meeting to order at 5:30 p.m. and the committee reviewed year-end balances and proposed line-item transfers to close the fiscal year.

Stacy, finance staff, told the committee the district’s financial report had been finalized that morning and walked members through the worksheet columns comparing what was reported on May 20 to current projections. She said recent changes included an increase of $147,000 in projected reimbursements and that a previously approved line-item transfer from the June 3 Board of Education meeting had been reflected in the numbers. Stacy said the committee was projecting to transfer $111,000 into the special-education account; that amount is described as net of an expected state reimbursement of $148,000 that had not yet arrived. After the transfers and requests the report showed an available balance of $149,000, about 0.2% of the total budget.

Committee members discussed timing and contingencies if the expected state payment arrived after June 30. Stacy said receivables had been booked so revenue received in August would still be reflected in the fiscal year ending June 30 and that the district could use the 2% carryover rule to address timing differences after July 1.

The meeting also covered two athletic-field projects. The town is managing the softball field and, according to committee remarks, the Board of Selectmen approved $228,000 from the town’s general fund for that work; the softball project will be rebid and is expected to proceed in the fall. The district owns the baseball field and the committee was told that bids came in significantly over estimate, leaving a reported shortfall described in the meeting as "1.4" (unit not specified in the transcript). Committee members agreed the district should prioritize using any year-end balance toward the baseball shortfall and that the baseball project will be rebid at a later date.

After discussion, Galen moved to forward the recommended line-item transfers to the full board; Stacy seconded the motion. The motion was seconded on the record and the committee agreed to place the transfers on the next available board agenda (July or August, as noted in the meeting). Committee members also noted that the Board of Finance vote on the softball funding had been rescheduled to the following Wednesday in the committee’s calendar update.

The committee closed with thanks to finance staff for producing the quick-turnaround report and adjourned shortly after 6:05 p.m.