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Interboro board hears clean audit, reviews budget adjustments and projections
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Summary
The Interboro School District board received a clean audit showing a roughly $170,000 small deficit and an approximate $20 million fund balance, and reviewed finance committee projections including a tentative 3% tax assumption and a projected $608,000 deficit for FY planning.
The Interboro School District Board of School Directors received an audit committee report Wednesday that described a “clean audit” and said the district’s financial records are accurate and compliant, while flagging near‑term budgetary pressures.
Board President called the audit presentation, saying the review showed “the financial records are accurate and in line with all the requirements.” The audit noted a small deficit of about $170,000 and an approximate fund balance of $20,000,000 at the end of the fiscal year.
The finance committee followed with budget updates. Committee presenters described a tentative 3% tax assumption, an increase in assumed tax collection from 97.2% to 98%, and an estimated $1.5 million upward adjustment to projected revenue alongside a $1.5 million reduction in expenditures from staffing changes. The presenters said those numbers leave a projected deficit of about $608,000 as the board continues budget work over the next months.
Committee members also discussed possible use of the district’s fund balance for capital needs, noting a potential data‑center upgrade under consideration but not yet funded. "We are still having conversations with using some of that $20,000,000 fund balance to pay for a potential data center upgrade," a presenter said.
Board members asked clarifying questions during the review; no formal budget actions were taken at the meeting. The board will continue to refine revenue and expenditure assumptions before adopting final budgets later in the process.
The board approved the treasurer’s monthly report (motion 7.01) and a fund disbursement motion totaling $9,934,371.94 (motion 7.02), both by voice vote, 8–0.
Next budget committee meetings and work sessions were announced; further budget decisions are expected as the district finalizes assumptions and staffing plans.
