The school district is projected to end the year in June with a hefty surplus — only it’s not a surplus.
“I project the district will be $389,413 under budget at year-end,” said Paul Hendrickson, business manager for the schools, in a report to the Board of Education April 27.
The district has some accounts that are running over budget, but others that are running under budget, so when the two are balanced, the end result is a savings.
Specifically, a change in vendors for the Medicare supplement program for retirees has resulted in that benefits account being $777,925 under budget, Hendrickson said.
Total teachers’ salaries are projected to be $537,965 under budget.
Transportation is expected to be $127,743 under budget.
The accounts that are over budget include special education, at $637,234 over budget, and energy, at $244,655 over budget.
It’s not actually a surplus, he said. The school board operates with a line of credit from the town, so this is less money to draw down. “It’s money not spent,” Hendrickson said.
The money most likely will go into the town’s fund balance, said Chris Murray, vice chairman of the school board.
“This is something we draw down from the town, and the town has the accounts,” Murray said. “This goes into the bank account.”