BFA Surplus 2005

I attended the School Board Meeting on October 24, 2005. The Board was seeking community input on how to handle another surplus.

I am reporting the facts as presented at the meeting. Please note these are my notes. It is best to confirm these notes with the official minutes before discussing with other individuals. I try hard to get the facts straight but you never know. Mistakes happen.

The School Board Reported on how the 2004 surplus was expended. This surplus totaled $478,000. The voters approved the following:
Article III: $68,000 School Bus (The Bus came in under budget, $62,239)
Article IV: $80,000 Technology Equipment (Mobile computer lab, etc.)
Article V: $330,000 Capital Improvement
High School Roof, Security, New Middle School Windows, High School Gym Floor. These came in under budget at around $305,000.

School Budget Year Ending June 30, 2005, realized an approximate surplus of $313,000.

The key contributors to this year's surpluses are:
1. More students "Tuitioned In" than anticipated (means more revenue/income) $112,000
2. More money received from the State for Transportation Reimbursment than was anticipated/budgetted. $32,000
3. More money earned on investments, ie interest income, than was anticipated/budgetted. $28,000
4. More cost savings than anticipated/budgetted for Faculty Professional Development -
Tuition Reimbursement for courses teachers taken. $ 62,000
5. Less money need for debt servicing, ie interest expense on outstanding loans. The bus garage loan was paid off early using the surplus for 2004. But since voting was not until March 1st, Interest expense was budgetted at the full amount. Savings realized $58,000.

The above 5 factors plus a few smaller items add up to the total surplus of $313,000.

The Board had presented several ideas for using these funds for one time expenditures. They are as follows:

1. New School Bus to address aging fleet. approx. $68,000
2. Upgrades to Security
3. Arts Auditorium
4. New Recreational Fields assistance. This is in regards to the new Park fields down by the river.
5. Modifying Soccer Varsity Field for better drainage and extending JV field so it is a full JV field.
6. The Town Selectboard submitted a letter requesting those present to consider using the surplus to pay for the community library programmer position of $10,300.

Community Input:
1. Replace old computers in Library. These computers are very very slow and hard to service.
2. Use some of the surplus to offset the unanticipated rise in fuel and heating costs.
3. Apply the surplus to the next buget, there by reducing the tax burden
4. Use the surplus to create an "Opportunity Room & Full Day Kindergarten"
5. Use the surplus to buy a new bus, upgrade Security, and meet the significant needs of the Technology Curriculum. The Technology Curriculum is sited in the School's Action Plan.
6. One other suggestion was made but my notes are unclear. Sorry.

Note the 2005 Surplus is the third surplus in recent years for BFA.
The 2003 surplus was $ 262,136 of which $111,447 was applied to following year's budget to reduce taxes. The remaining funds were approved by the voters to:
1. Payoff the Bus Garage Loan, $100,689
2. $50,000 for Capital Improvement: Repair bleachers in Gym, Renovate Locker rooms and safety locks on basketball apparatus, replace floor in Library, Electrical repairs.

It was stated that prior to 2003, BFA recognized 3 consecutive deficits. 2002, 2001, and 2000.