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Preliminary FY26 update: district projects balanced year after year‑end adjustments; Valley Collaborative credit expected
Summary
Finance staff reported a preliminary FY26 closeout projecting the budget to balance after year-end payrolls and reserves; the district expects a Valley Collaborative tuition-credit of $192,465 (member-district return of surplus) and indicated a $70,000 reserve transfer already covered a snow/ice deficit.
Jenny (Speaker 10), the district finance presenter, gave a brief preliminary update on fiscal year 2026. She said the district completed most year-end activity and has one remaining payroll on June 25 that includes longevity payments (about $522,000). The district is conducting a careful year-end reconciliation—especially for employees with status changes—to prepare for the annual audit.
Katayamaaki reported the town transferred $70,000 from the reserve fund to cover a snow-and-ice operating deficit in the school general fund. She said the district expects to receive a tuition credit from the Valley Collaborative of $192,465 that will be applied to future invoices; the collaborative returns surplus funds proportionally to member districts because of limits on allowable carryover. Committee members asked whether the credit is typical; staff replied that some years yield credits depending on the collaborative's surplus and that districts can accept the credit as a future credit or as a check.
By the end of quarter 3 the district had projected a potential deficit near $80,000; after the recent adjustments and expected credits, staff projected the district should be able to balance FY26 with careful controls. Katayamaaki said she will provide a full quarter‑4 financial report after the formal year-end close.
