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Business manager reports FY24 reserves just under $2 million after late circuit-breaker payment
Summary
June Ciafilippo reported FY24 year-end numbers showing district reserves slightly above projections, noting a circuit-breaker payment posted after July 1 that added roughly $200,000 to reserves.
June Ciafilippo, the district business manager, presented the FY24 year-end financials and said the town posted a circuit-breaker payment after July 1 that was recorded in the town books and added approximately $200,000 to the district reserves. She said the reserves now sit just under $2,000,000 and cautioned that declining enrollment and corresponding lower school-choice and circuit-breaker reimbursements could affect future budgets.
Ciafilippo noted that personnel shifts and interim coverage this year allowed the district to finish the year in a positive position and that the district will continue to use October 1 enrollment data and NASDAC projections when planning future budgets. "That 4th 0.25 payment arrived at the town after July 1 ... that's an extra $200,000," she said. Committee members thanked staff for careful fiscal management and were reminded this reserve is intended to smooth future budget needs rather than signal ongoing unrestricted spending.
