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Danbury School District reports $8.6 million month, $8.5 million favorable year-to-date variance after reclassification
Summary
District finance staff reported a $8.6 million month expenditure and a year-to-date favorable variance of about $8.5 million driven largely by salary/benefit reclassifications and timing differences in utilities and supplies; auditors flagged a material weakness tied to a prior cyber incident.
Mike Weaver, a district finance staff member, told the Danbury School District committee on Feb. 12 that expenditures for the month ending July 31 were $8.6 million and year-to-date expenditures were about $70.9 million with roughly $80.6 million encumbered against a $160 million budget. "If the year were to end right now, we'd have an $8,500,000 favorable variance," Weaver said, attributing most of the variance to salary and benefit reclassifications into grant accounts and to timing in supply and utility spending.
The reclassification work moved positions and their benefits from the general fund into an Alliance grant account, producing a favorable variance…
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