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New finance director previews FY18 close, FY19 budget and enrollment changes
Summary
At a regional finance committee meeting for the Town of Lakeville, newly hired Director of Finance Ashley Lopes reviewed the FY18 close, projected available funds for FY19, state aid estimates and enrollment changes including a projected increase in school-choice students.
Ashley Lopes, the district’s new director of finance, gave the Regional Finance Committee an overview of the fiscal close for FY18 and a preliminary outlook for FY19 at the committee’s meeting.
Lopes said the FY18 appropriated general fund was about $36,000,000 and that after closing payroll the district currently projects a surplus of $29,000 that “will roll into E and D,” the district’s stabilization account. Lopes added that miscellaneous receipts of about $30,000 (including insurance claims and reimbursements) are expected to increase the E and D balance; she said, “we're going to start with at least $140,000 it looks like right now.”
The finance director presented the FY19 general fund budget of about $37,000,000, reported roughly $3,000,000 in expenditures to date and said available budget remains roughly $12,000,000. She noted changes to the assessment sheet since April 25, including an increase of seven students on the state assessment and updated Chapter 70 and Chapter 71 state aid estimates. “To date, we’ve also received $14,000 of insurance claims,” Lopes said, citing a pump failure at the middle school as one item leading to insurance reimbursement.
Why it matters: the committee must reconcile state aid estimates, local assessments and special-education reimbursements when making budget recommendations for FY20. Lopes emphasized the committee will track state “cherry sheet” numbers as they firm up and asked members to expect updated assessment sheets at future regional FINCOM meetings.
On special-education funding, Lopes and committee members discussed the circuit-breaker reimbursement, which is subject to state appropriation and can vary between the assessment and actual reimbursement. Committee members asked for a standard reporting format tracing out-of-district tuition, actual special-education spending and expected reimbursements; Lopes said the finance office and staff will meet weekly on out-of-district placements and will provide a format for the committee to approve.
Enrollment and school choice: Lopes said the district’s assessment reflects a net change of seven students and that school choice projections were set at 75 students for the coming year (the committee typically budgets conservatively and has historically seen about 50–55 school-choice students). Committee members noted the district budgets based on estimates and will update numbers as students officially enroll.
Staffing and net hires: the district hired about 20 people over the summer to fill retirements and resignations. Lopes and the superintendent said net new hires are limited: one new special-education teacher was added at Freetown Elementary School in place of two retired paraprofessionals, which was described as a net increase of one staff position intended to reduce out-of-district tuition costs.
Budget process and transparency: committee members discussed timing and policy: Lopes said she will bring more-detailed line-item reports and recommended practice changes to reduce reliance on netting and to show gross expenses with offsets so the committee and towns can better track where money is spent. The committee agreed to add fiscal-policy discussions to the next agenda so members can advise on triggers for town notification if state numbers change materially.
Votes at a glance: the committee accepted the April 12 minutes by voice vote (recorded as in favor; one abstention recorded; mover and seconder not specified in the transcript). The meeting adjournment was approved by voice vote.
