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Committee hears mid‑year financial report showing pressure in contracted services and revolving accounts
Summary
The committee reviewed July 1, 2025–March 31, 2026 finances: available budget ~$771,189; contracted services and pupil transportation over budget due to special education costs; grants have about $200,000 remaining; revolving accounts hover near $3 million.
Kevin presented the district’s financial report for July 1, 2025–March 31, 2026, telling the school committee the available general fund balance is roughly $771,189 and that two lines—pupil transportation and contracted services—are "dramatically over budget" in part because of rising special education costs.
Kevin said grant balances have declined and that the district has a little over $200,000 left in grant funds that must be spent by June 30. Revolving accounts, dominated by school lunch, are "hovering over $3 million," and the committee discussed strategies such as using revolving‑account offsets and prepaids to cover out‑of‑district costs next year. Committee members flagged clerical contract changes and retirement replacements as drivers of temporary overages in personnel lines.
Procedural business followed: the committee voted unanimously to approve payroll warrants 38 and 40 and unanimously accepted a Wakefield Track Boosters Club donation — a $6,603 stipend to fund two assistant track coaches for the 2025–26 winter season.
Committee members asked for continued monitoring of the high‑cost lines and for any necessary budget transfers before fiscal year end.
