Cash In, Cash Out
NEWPORT, VT - At North Country Union High School's recent meeting, Vice Chairperson Peter Moskovites reported unanticipated revenues of $391,000 from the sale of the bus fleet and the award of an Education Jobs Funds grant. Supervisory Union Director of Business Glenn Hankinson stated that the sale of the bus fleet netted $200,000 and the grant pulled in $191,000.Unlike surplus funds, which are revenues budgeted for this fiscal year and have to be returned to the taxpayer, unanticipated funds can be spent by the school board for other purposes.The Finance and Operations Committee proposed using the funds for these future expenditures: payment for track replacement ($97,808), payment for driver's education vehicle ($15,712), payment for IT Upgrades ($158,209), and payment for telephone system ($105,430). The proposal totals $337,199 in expenditures, leaving $13,801.The IT upgrade is anticipated to cost $234,932, which will be offset by current funds of $30,683, and FY12 budgeted funds of $46,000. The purchase of a driver's education car for $15,712 with a three-year note has already been authorized by the board. The replacement of the telephone system in A-wing has $29,915 already set aside to offset the $135,345 proposed cost.Paying for track replacement generated a few comments from board members, but they did approve paying the balance due of $97,808. The original cost of $195,808 was offset by a $30,000 NIAAA grant as well as $68,000 from fund raising. The board tabled any decision of how to use revenues derived from future fund raising efforts for the track and field.The proposal was approved by the school board. Hankinson anticipates paying these cost upfront will save financing charges over the next few years. Of the $390,000 the board started out with, $13,801 remains.