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CFO reports widened operating expenses, community‑school revenue dip and Munis audit finding
Summary
Chief Financial Officer Martin Angelou presented the third‑quarter budget update showing an $11.99 million year‑over‑year increase in expenses, a small revenue shortfall in the Nantucket Community School, a school‑lunch deficit, and repeated audit findings tied to the Munis accounting system and two omitted bond authorization numbers.
Chief Financial Officer Martin Angelou told the committee the district’s third‑quarter financial reports show operating pressures across payroll and maintenance, an increase in expenses compared with the prior year and a set of audit findings that require follow‑up.
Angelou said the district has logged about $11,990,000 more in expenses at the same point this fiscal year than at the same point in FY24. He said payroll increases were expected because of contractual obligations but that operating budgets have been strained; payroll now represents a slightly larger share of the budget than last year. Angelou credited a $450,000 transfer the committee approved at a prior meeting to reduce an otherwise larger deficit and noted a Special Education reserve the district…
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