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Independent audit confirms $2.4 million available for FY26; board hears tax-rate impact of high school bond
Summary
The district's independent audit confirmed a $2.4 million surplus available for FY26. Finance staff briefed the board on outstanding bonds, student activity account shortcomings noted in the management letter, and modeled tax-rate impacts if the district borrows the full authorized amount for the Burlington High School project.
The Burlington School Board heard an audit and budget update Feb. 4 that confirmed a $2,400,000 surplus available for fiscal year 2026 and outlined how the Burlington High School/Technical Center bond affects the city's tax rate.
Executive Director Lavery (finance) summarized the audit’s central finding: the auditors expressed an unmodified opinion that the district’s financial statements fairly present the district’s financial condition. "That confirmation is kind of the final confirmation that, yes, that money's available," Lavery said.
The audit also contained management-letter observations. Finance staff told the board the most significant recurring issue is student activity accounts; the district plans a concrete action plan, increased communications with principals and administrative assistants, and a pilot of digital check deposits to reduce deposit timing problems.
The board received updated modeling of tax-rate impacts tied to high-school borrowing. Finance staff reiterated the district’s intention to borrow within the previously communicated limit (the presentation used a $165 million scenario) and said much of the bond-related tax-rate increase is already being repaid. The memo shown to the board noted that, even with the project, the district projects an overall tax-rate reduction of about 4% in the budget being presented to voters, but a sizable share of current tax rates reflects repayment of the high-school debt.
Why it matters: An independent audit that affirms a material surplus gives the board certainty about available resources for FY26 budgeting decisions. The audit’s procedural points and debt disclosures also frame public conversations ahead of town meeting and the March vote on the budget and related borrowing.
Attributions: Executive Director Lavery and district finance staff presented the audit and answered questions from board members.
