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Isle of Wight schools project small surplus for FY25; health insurance claims exceed contributions
Summary
Preliminary fiscal-year-2025 numbers show the general fund may exceed its revenue budget by about $175,000 and staff projects a $1.6 million transfer to the health insurance fund after higher-than-expected claims.
Finance staff presented preliminary fiscal-year-2025 financial results at the July 10 meeting, reporting a small projected revenue surplus and higher health-insurance claims than planned.
Finance presenter Miss Deberry told the board the general operating fund was budgeted at $80,740,000 and that staff currently project revenue will exceed that budget by roughly $175,000; the excess would be returned to the county. Deberry said the division received about $70,000 more than budgeted from Medicaid recovery and about $119,000 from E‑rate reimbursements — the latter represented retroactive claims the consultant filed for prior fiscal years.
Deberry said the health insurance fund experienced claims higher than expected, producing an overall shortfall of about $1.1 million for the year; a stop-loss recovery of roughly $241,000 is expected and staff proposed transferring approximately $1.6 million from the general fund to restore reserves. With the transfer and the expected stop-loss recovery, Deberry estimated the health-insurance reserve would be slightly more than $2 million going into the next fiscal year.
On other items, Deberry said staff expect to reconcile most accounts by August and begin the formal audit process. She reported the Ameresco energy-debt refinancing remains at a very favorable 1.72% and will be paid in full in February 2026 unless the board elects to prepay (prepayment carries roughly a 1% fee). She also said the school division expects a state sales-tax distribution near $1.4 million in August, in line with the budget.
Board members briefly discussed grants and federal funding risks. Grants staff noted concerns about Title II, Title III and parts of Title IV and described Title II as professional-development funding that pays partial salaries and teacher reimbursements; FY25 Title II receipts were $148,000.
No board action was required on the preliminary financial report; staff said they will return with reconciled figures and the audit timeline.
