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Finance update: district tracks to projected surplus; audit and deficit-reduction plan remain active priorities
Summary
Officials reported updated monthly finances showing Medicaid revenue growth and an expected year-end surplus roughly equal to the deficit-reduction target; the FY24 audit is underway and will inform final deficit-reduction planning tied to town allocations.
School and town finance staff updated the committee on monthly finances, the FY24 audit and the district's deficit-reduction planning.
Chris (finance) and Superintendent Don Cowher described revenues and expenses through February and highlighted Medicaid performance discussed earlier in the meeting. The finance director said the district had realized roughly $830,000 in Medicaid revenue through February and increased Medicaid projections conservatively by $100,000; overall revenues stood at about 67% of the fiscal-year projection after eight months.
On expenses, benefits spending was running slightly above a linear pacing; staff adjusted benefit projections upward by approximately $100,000 as a conservative measure. With current projections and the town's planned multi-year local appropriation and deficit-reduction contributions, the committee was shown a five-year projection that includes the town's planned $2.5 million contribution toward the accumulated deficit over five years. Combined with projected savings and town contributions, the finance materials showed about $5.1 million in projected improvements toward the reported $5.8 million accumulated deficit.
Officials said the FY24 audit work had advanced to the point where auditors had issued the FY23 financial statements and had provided a PBC (Provided By Client) list for the FY24 audit; staff were uploading documents and expected the audit work to progress in April. Committee members were told that the unaudited FY24 numbers remain in play and that the final audited FY24 results are needed before completing a final deficit-reduction plan.
District and town leadership said a draft deficit reduction plan will be prepared and coordinated with the town manager and finance director; officials said they expect continued meetings with the auditor general and municipal finance staff and that the plan will be adjusted after the FY24 audit is final.
