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Treasurer reports stable balances; committee approves $15,000 insurance transfer and hears $14 million cash‑flow projection if project proceeds
Summary
Treasurer reported an August tax-balance around $3.8 million and two months' expenditures of about $1.48 million; the committee approved a $15,000 budget transfer into general insurance and was told consultants estimate a potential $14 million initial cash‑flow need if the building project proceeds.
The treasurer reported the district closed August with a tax balance of roughly $3.8 million and two months' expenditures totaling about $1,483,576. He explained standard year‑end accounting for teacher contracts creates a summer payroll liability (recorded as of June 30) and noted a workers‑compensation premium payment of about $72,000 that was lower than budgeted.
The committee approved a motion to transfer $15,000 from workers‑compensation savings into the general insurance fund to cover higher student and other insurance costs; the motion passed on roll call.
Separately, project consultants (Left Field) have projected that, if the building project is approved in January 2025, the district would need approximately $14 million in cash flow in the first fiscal year. The district plans to seek a bond‑anticipation note (BAN) or similar short‑term borrowing through UniBank; presenters said market interest for such notes was running near roughly 3.5% at the time of the meeting and that interest costs would be included in town assessments for fiscal 2026.
The treasurer and business‑office staff were commended for summer financial work, and the committee accepted several donations to athletic and other programs.
What happens next: staff will continue routine financial reporting, implement the approved budget transfer, and prepare borrowing plans and town assessments if the capital project advances.
