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Finance committee updates: revenue uptick and $679,000 deficit at 1.5% tax increase
Summary
Finance committee reported an increase of approximately $147,000 in revenues (mainly from investment returns) and expense reductions of about $1.2 million, driven by retirements and lower debt service. With a 1.5% proposed tax increase, the district's deficit remains approximately $679,000 for 2024–25.
The Interboro School District's finance committee reported updated projections at the April 24 board meeting showing a modest revenue increase and substantial expenditure reductions, but a remaining budget shortfall.
The committee reported an additional $147,000 in expected revenue, primarily from higher return-on-investment income; this increase partially offset reductions related to real-estate tax assessment adjustments. On the expenditure side, the committee recorded an estimated $1.2 million reduction driven largely by anticipated retirements and a reduction in debt-service payments after re-examining capitalized interest and working with bond underwriters.
Despite those improvements, the committee projected a deficit of approximately $679,000 under a 1.5% tax increase scenario. Committee and board members said they would continue reviewing departmental budgets, consider using committed fund balance and look for further reductions in curriculum and other discretionary lines ahead of a May presentation. The finance committee scheduled a May meeting for further review.
