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Finance update: district expects $3.3M—2.5M E&D before certification; Keenan Francois appointed to finance
Summary
Finance staff said FY25 closeout work is nearly finished and projected excess & deficiency (E&D) will be roughly $3.3–3.5 million pending state certification. The committee discussed returning funds to towns and appointed Keenan Francois to the finance subcommittee to fill a vacancy.
District finance staff told the North Middlesex Regional School Committee on Sept. 16 that FY25 closeout and audit work are nearly complete and the district expects an E&D (excess and deficiency) balance in the $3.3 million to $3.5 million range before state certification.
Nancy (finance staff) said audit items have largely been addressed and she expected submission for state certification in the coming weeks. "I'm almost ready to submit the information to the state to go to the next level for certification of the excess and efficiency," Nancy said, estimating a final E&D near $3.3–3.5 million.
Members discussed the towns' needs and whether the district could temporarily use revolving or other non-certified funds to assist municipalities facing near-term shortfalls. Randy Rausch urged the finance subcommittee to examine unspent balances that produced the surplus and to consider early transfers to towns; Nancy cautioned that some revolving funds are not tied to the certification process and that relying on one-time revenue can create problems in subsequent years.
Because the finance subcommittee had a recent resignation, Keenan Francois volunteered to join the committee. The board voted to appoint Keenan to the finance subcommittee; members noted the importance of including Ashby representation and signaled they would make adjustments if Carla Lima later opted to join the subcommittee.
Committee members asked Nancy and town leaders to produce payroll-run projections and revenue details for discussion at the next meeting in October so the committee and municipal partners can make informed decisions about any transfers or budget adjustments.
