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GDRSD |
Groton Dunstable Regional School District
Quarterly Financial Report
September 21, 2005
General
At the outset of this fiscal year, the school district is in a very good financial position. A firm revenue budget has been established to meet the school district’s approved expenditure budget. An adequate E&D fund is available to meet the undetermined demands from increased energy costs, transportation costs and special education.
General Fund
Revenue – Estimated revenues for FY2006 have now been stabilized. The undetermined revenue amount of $202,538 for FY2006, in our June estimates, has been resolved by the increased Chapter 70 and Student Transportation reimbursements. The attached FY2006 revenue budget is provided for your review.
Additionally, the school district anticipates at least $500,000 of Circuit Breaker Funds to offset special education tuition, and just under $900,000 of E&D funds to respond to unforeseen expenditures (i.e. excessive energy costs).
Expenditures – At this early date, there are a few budget areas that will require attention. 1) Energy cost increases most likely will cause over expenditures in building accounts. The high cost of fuel will also impact student transportation and maintenance accounts.
2) Even though the district was careful in its personnel hiring this year and generated over $100,000 in personnel budget savings, we must remember that teacher negotiations are still underway and the approved contract will impact FY2006.
3) An additional bus was added for regular student transportation ($43,983) and it appears that an additional bus may be required for special education transportation.
4) Special education tuition accounts are always unpredictable and require continual monitoring.
All funds are operating as intended with the exception of school lunch. The school lunch year-end statement must be corrected to report that the program actually lost money in FY2005. Attached for your review is a corrected year-end report for school lunch.
All building projects are within budget authorization. It is anticipated that the school district will complete its projects in November 2005. Accordingly, the School Building Authority intends to audit our projects and provide 67% “up front” reimbursement to assist as the district sells its bonds.
A judgment regarding the district’s eminent domain case has been rendered. The School Committee is currently considering an appeal, since the property was judged to be worth $4,100,000 and the district so far has paid out $1,800,000.
The School District has applied for $835,529 in grants. Approval was granted in the amount of $833,103. See attached schedule of grants.