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School committee approves five‑year projection, hears finance update showing modest projected surplus
Summary
Committee approved a five-year budget projection built on a conservative 2% personnel assumption after receiving an October financial update showing revenues currently ahead of expenses; Medicaid reimbursements were noted as lagging early but rising in November.
Coventry — The Coventry School Committee voted unanimously on Dec. 11 to adopt a five-year budget projection using a conservative 2% annual increase assumption amid incomplete action on the teachers’ contract by the town council.
Chris, the district finance presenter, reviewed the monthly financial report through October and told the committee Medicaid reimbursements were running below budget early in the fiscal year: "Medicaid…seems a little low. It was at about 17% of what we had budgeted," he said, adding that claims typically increase once school is in session and November figures showed growth. Chris further noted a projected year-to-date surplus (revenues over expenses) in the model of roughly $1.034 million compared with the budgeted appropriation to fund balance of $976,009.30.
Superintendent and staff explained the district had previously modeled two projection scenarios — one that assumed negotiated raises of 1%, 2% and 1.75% and another with flat 2% increases. Because the town council has not yet ratified the contract, the committee adopted the conservative 2% assumption for the document it will present at a joint meeting with the town council scheduled for Dec. 16. Superintendent staff said updated town revenue projections were received the week of the meeting and will be incorporated into the next version of the projection.
Committee members emphasized the need to keep the projection current and noted the charter-required submission timing; staff said the projection will be updated and returned for a vote as needed.
The committee also approved a budget transfer for special-education out-of-district tuition. Staff explained policy limits for transfers under $10,000 and noted that typical out-of-district tuition ranges from $50,000 to $150,000, making periodic transfers likely. The transfer vote was unanimous.
