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Tiverton schools report $1.5M FY24 variance and warn of $1.3M FY26 shortfall
Summary
Business office reported FY24 actuals exceeded budget by roughly $1.5 million due to compensation, benefits and special education; the district closed FY24 with one‑time funds but warned of a structural deficit that may require about $1.3 million in cuts for FY26.
The school business office told the Tiverton School Committee that preliminary FY24 results show a budget‑to‑actual variance of roughly $1.5 million, primarily driven by higher compensation/stipends, benefit premium increases and special‑education costs.
The presenter said the FY24 budget was roughly $35.6 million compared to actuals a little over $37.0 million, leaving an approximate $1.5 million variance. To close FY24 the district relied on one‑time sources, including Medicaid reimbursement, remaining fund balance and proceeds tied to regional collaborative real‑estate transactions. The presenter said those sources were one‑time and will not recur in FY26.
Committee members pressed for ongoing monthly budget‑to‑actual reporting and asked which funds were one‑time. Several members warned that, absent new recurring revenue, the district faces a structural gap and may need approximately $1.3 million in cuts for FY26. The business officer described current controls including a spending freeze and tighter requisition sign‑offs, and said he will provide monthly updates to the committee.
