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Westerly finance director reports FY24 unaudited surplus; committee approves year‑end transfers
Summary
Finance director Cindy Kerchoff reported an unaudited FY24 surplus with an estimated fund balance of $4,022,680 and proposed year‑end budget transfers to align categories; the committee approved the transfers after questions about legal and benefits costs.
Cindy Kerchoff, the Westerly Public Schools finance and operations director, briefed the school committee on the FY24 unaudited financial results and sought routine year‑end transfers to align account categories.
Kerchoff reported an estimated fund balance of $4,022,680 and, after subtracting previously budgeted commitments, an estimated overage of about $626,063. She highlighted several notable variances: out‑of‑district transportation costs were nearly $325,000 over budget, while out‑of‑district tuition was under budget by approximately $283,000 (a mix of charter and CTP placements). Supplies and materials were under budget overall, equipment and software were over budget largely because of new finance software costs allocated between town and schools, and legal costs exceeded budget due to negotiations and special legal work.
A committee member asked about a roughly $820,000 benefits line; Kerchoff explained that employer costs for certain plans (medical plus retirement contributions) can raise per‑position benefit totals quickly and that long‑term substitutes may lower fringe costs for covered positions. She also said the district implemented Executime (a timekeeping system) and new HR recruiting software during the year, which created one‑time expenses.
Kerchoff requested budget transfers as a year‑end true‑up so the district would not be over budget in salaries or supplies; the motion to approve the transfers was moved, seconded and carried by voice vote.
Key figures and clarifications: Kerchoff noted the $325,000 overrun in out‑of‑district transportation and the $283,000 under‑spend in out‑of‑district tuition. She said legal expenses included outside counsel for negotiations and a Title IX review and are often a recurring risk in the budget. Kerchoff said the district received some improved revenues (tuitions from other districts and Medicaid) compared with the COVID period.
Next steps: The transfers were approved at the meeting. Kerchoff said she can provide historical legal‑cost detail if members want more context in future reports.
