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Board hears budget projection showing $388,000 positive but flags insurance and borough-held escrow
Summary
District finance presenter projected a $388,000 favorable year-end position but warned that insurance proceeds recorded as revenue for the stadium project and borough-held pre-K escrow funds (about $260,000) could change the outcome; legal counsel is involved to resolve the escrow holdback.
During a budget update labeled "part 2," district finance staff told the board the year-end projection currently shows a $388,000 positive position, but cautioned the figure is influenced by insurance proceeds recorded as revenue for the stadium project that have not been expended.
"Right now we're projecting 388,000 to the good, but…
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