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District reports FY25 surplus, previews FY26 and a multi-year capital plan tied to RIDE memorandum
Summary
District finance staff reported a small fiscal‑year‑end surplus for FY25 after late bills, presented an FY26 status update and outlined a five‑year capital plan while cautioning that the district’s current RIDE memorandum of agreement for school construction reimbursement expires at the end of 2028.
School finance staff told the School Committee that fiscal 2025 closed with a modest surplus and that fiscal 2026 has started normally, then outlined a five‑year capital plan and the district’s place in a Rhode Island Department of Education (RIDE) memorandum of agreement that affects state reimbursement for eligible projects.
Tony Ferrucci (district finance lead for the meeting) reported that the preliminary year‑end position moved from an anticipated shortfall in July to a reported surplus of about $273,000; after the committee learned of roughly $40,000 in late bills received in the days before the meeting, Ferrucci said the audited position is likely to be roughly $230,000. “That audit is due by December 31 … and we are on track with them,” Ferrucci told the committee.
Patricia (district finance/CFO staff) presented a fiscal 2026 budget update:…
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