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Five-year forecast frames tough choices: committee approves $2.6M in FY25 cuts amid pension funding debate
Summary
Finance staff presented a conservative five-year forecast that showed near-term deficits and multiple pension-scenario options; the committee approved $2,600,577 in additional FY25 cuts after discussion about pension underfunding, city allocations and the risk of higher borrowing costs.
The Warwick School Committee voted on Feb. 11 to approve an additional $2,600,577 in FY25 budget cuts after a detailed presentation of a draft five-year forecast that emphasized the district's salary-and-benefits-driven deficits and the fiscal complications of underfunding the WISE pension plan.
Finance Director presented scenarios showing how deferring or reducing pension contributions in FY24 could produce a near-term improvement in fund balance but might require a larger contribution (committee members referenced $3.5 million or more) in FY26 to restore fund-status metrics. "The…
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