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Town and school finances show stronger revenues; board discusses carrying unexpended funds and medical costs
Summary
Officials reported town revenue through May at 101.2% of budget with roughly $1.5 million above plan and an estimated year‑end revenue surplus near $2 million. The Board of Education reported a substantial warrant and a tuition line estimated $912,000 under budget; members discussed using unexpended funds for the non‑lapsing education account or medical trust.
Guilford officials told the Board of Finance that both town and school finances look healthier than expected through May 2026, and boards discussed options for handling anticipated unexpended funds.
Mayor Jen reported revenue through the end of May was at 101.2% of budget, about $1.5 million over projections. "My estimate is somewhere around $2 million at this point," Mayor Jen said, while cautioning that final results will depend on end‑of‑year expenses and encumbrances.
On the school side, Linda Trudeau and Jennifer Scrogggins presented the Board of Education's monthly report and the warrant for May (warrant total read into the record as $2,283,447.19). Trudeau said tuition revenue is running under budget by about $912,000; part of that margin could offset contracted services that are over budget (an estimated $125,000). She also noted the district's excess cost grant reimbursement rate was about 66.8% this period, roughly $75,000 more than was conservatively budgeted.
Members discussed transportation vendor shortages and an unplanned cost tied to student travel abroad (an Italy trip that required extra lodging and additional buses). Staff said they had pursued insurance and credit coverage but that the costs were not covered and would be managed through existing lines.
Board members and staff also reviewed the town medical trust. Dr. Malas reported catastrophic claims had reached the stop‑loss attention threshold (about 71.4% of the benchmark) and that the plan had several members exceeding individual stop‑loss amounts. Staff described a remaining small fund balance and ongoing monitoring; staff estimated the fund balance in the meeting record as roughly $866,000 but advised continued vigilance as claims can change quickly.
The Board approved both the Board of Education and town government expenditure reports by voice votes. Staff said any unexpended funds identified at year end would be considered for the non‑lapsing education account or transferred to the medical trust pending approvals by the involved boards.
