NEWPORT, VT – North Country Supervisory Union Business Manager Glenn Hankinson advised the high school board Tuesday night that financially the school ended the fiscal year with a $204,000 surplus.
Revenues were up approximately $1 million, including private funds raised for resurfacing the school's running track and from the sale of a school bus. Expenses were also higher, including the cost of resurfacing the track, which was not a budgeted item. The surplus funds were used for several purposes.
The "unanticipated revenue" was used initially for tech upgrades and software, replacement of a driver's education car, a new telephone system in the A Wing, and completion of the track resurfacing project. Hankinson had informed the board at an April meeting of these purchases, and that fund raising to pay for the track is still continuing.
A debt carried over from the prior fiscal year was reduced to $60,000 and Hankinson stated $200,000 is in this year's budget to ensure the debt will be retired at the end of this fiscal year, “If nothing goes wrong,” he added.
The North Country Career Center recorded a positive balance of $125,000 but, unlike the high school budget, the funds can't be carried forward or used for non budgeted items. Department of Education regulations will use actual expenses to recalculate the tuition rate for the Center.
Hankinson also reported there is approximately $7 million earmarked by the Department of Education to help schools with debt reduction, including the construction in the career center.
Board member Arnie Amaliksen asked that, considering the economic climate, whether the board could be sure the funding will be available as promised. Hankinson responded by noting that nothing is assured, but at this point the money is expected to be sent to the schools during this fiscal year.