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Sharon audit shows $86,568 BOE non-lapsing allocation; undesignated balance at $3.07 million
Summary
Auditor's Draft 2 reflects the Board of Education's planned allocation of 2% of its local unexpended funds ($86,568) into a non-lapsing QuickBooks designation, bringing the town's undesignated fund to $3,073,151 as of June 30, 2025; the BOF clarified the 2% applies only to the local BOE budget.
Auditor George Sinnamon presented Audit Draft 2 to the Sharon Board of Finance on Jan. 6, 2026, showing that the Board of Education plans to designate 2% of its local unexpended budget into a non-lapsing portion recorded in QuickBooks. That 2% equals $86,568 and, after the adjustment, the town's Undesignated Fund balance was reported at $3,073,151 as of June 30, 2025.
Sinnamon told the board the 2% allocation applies only to the local portion of the BOE budget and does not include the Region 1 share. The board discussed how the allocation is recorded in QuickBooks as a non-lapsing designation rather than a separate account.
Board members also noted that several accounts maintained by the Sewer & Water Commission and the Board of Education at NBT Bank are not covered under the Town's collateral agreement; the meeting record says this likely stems from those entities having separate tax identification numbers. Sinnamon added that figures for the Custodial Account in the audit will change once the town's pension report is received and incorporated.
The BOF did not take a formal vote on the audit at the special meeting; the session was convened to review the draft audit and allow the auditor to answer questions. The board thanked Mr. Sinnamon for attending and discussing the draft with members.
The next regular BOF meeting is scheduled for Jan. 20, 2026 at 6:30 PM.
