CFO reports $1.6 million capital plan to RIDE; committee told of $250,000 maintenance shortfall

Interim CFO David Ferrucci gave the committee a capital-budget update tied to the Form 100 submission to the Rhode Island Department of Education (RIDE), saying the district will report roughly $1,600,000 in planned capital expenditures for the coming school year.

Ferrucci said the total includes a $400,000 driveway project that the school committee previously authorized but which did not start until July. He told the committee that early bid results produced some cost reductions and that the net differential from previously reported numbers was roughly $147,000.

Ferrucci cautioned that the district fell short of the statutory 3% maintenance-of-effort requirement for fiscal 2025 by about $250,000 because some work was pushed into the next fiscal year when vendors could not mobilize before July 1. He said he is working with RIDE to manage the shortfall and that RIDE may set aside funds so the district can invoice for specific maintenance projects as they are completed.

Committee members asked whether projects designated as repairs (noncapital) would be covered in operating budgets; Ferrucci said those items can count toward the maintenance requirement and that last year the district had met the threshold (noting earlier reporting dates). Ferrucci also said interest on town-paid debt service and certain support costs can be included in the maintenance calculation, which helped the district’s reported numbers.

Ferrucci said the capital update is advisory to RIDE and does not itself commit the district to immediate expenditures; several members moved to approve the capital-budget update as presented and the motion passed.

The committee did not provide a full line-item dollar breakdown in the public session; Ferrucci offered to provide additional documentation and to work with incoming staff to ensure timely bidding and execution.