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Quincy board hears budget status: reserves remain but costs and encumbrances loom
Summary
The board received a budget status report showing roughly $5.8 million in starting reserves, $17 million in encumbrances on a $58 million budget and a midyear revenue receipt of about 71%; presenters warned higher insurance and utility costs may reduce reserves before year-end.
The Quincy School District board was briefed on the district's year-to-date finances and warned that rising costs could push the district into reserves before the fiscal year ends.
The district's business-services presenter (speaker S4, identified in the record as Tia) told the board that the district began the year with about $5.8 million in reserves—roughly 11% of the budget—and that, through April, it had received about 71% of expected revenues while recording about 68% of expenditures. She said there are about $17 million in encumbrances against a $58,000,000 budget. "If we were to…
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