Bristol Warren review: $6.3M bond closing costs, $129,741 remaining balance; auto allowances clarified
Get AI-powered insights, summaries, and transcripts
Subscribe
Summary
At the Dec. 15 meeting the committee reviewed November financial reports, discussed closing costs on a $6.3 million bond and a remaining balance of $129,741, and clarified that some employees receive a fixed auto allowance in lieu of mileage reimbursement.
The Bristol Warren Regional School Committee reviewed monthly financial statements and a construction bond update at its Dec. 15 meeting.
Finance staff (presented after the chair turned the floor over to 'Miss Carrie') summarized a memo dated Dec. 1 and described payments related to PMA/Perkins Eastman and staged construction funding. Staff identified closing costs associated with a $6.3 million bond and provided a breakdown of interest and fees. The presenter said the remaining balance from that initial bond is $129,741 and that the district is working with a financial services firm recommended by PFM to examine potential rebates.
Committee members asked for clarification on a line item labeled "auto allowance." Finance staff explained this is contractual: "So that's contractual ... there are a few employees who get basically auto allowance ... instead of submitting for mileage reimbursement, they just get an auto allowance every month in their paycheck ... It's a fixed amount for the year," staff said. The committee did not take a formal vote on the financial report; staff were asked to continue monthly reporting and to update web-posted capital summaries to show stage 1, stage 2 and stage 3 positions.
The chair noted staff had updated the district capital website to make the current project staging and tax-calculator information clearer.
No expenditure approvals beyond routine consent items were recorded in the transcript for this agenda item.