Schools to repay balance of fund

$243K will go back to towns to lower taxes

WILTON – The Wilton- Lyndeborough Coopera­tive School Board will be returning $234,484 in un­expended funds to the two towns to reduce taxes.

The formula, based on school population and the towns’ equalized valua­tion, is two-thirds to Wil­ton and one-third to Lyn­deborough.

Unexpended funds in the operating budget are mainly from the salary and benefits lines (chang­es in staff), contracted ser­vices, fuel (changing Flor­ence Rideout from oil to propane) and special edu­cation (a savings of more than $96,000 because of changes in student ser­vices).

The board held a pub­lic hearing on Tuesday, June 14, to authorize the return of unanticipated revenue.

"The budget anticipat­ed $237,137," Chairman Geoff Brock said, "and we received $17,527 more than that."

The money is mostly from grants, and state statutes allow the board to accept and expend the money.

This is the first year such a hearing was nec­essary, Brock said, be­cause of a change in board policy.

In previous years, un­expended budget bal­ances were used to buy equipment or fund proj­ects not in the budget, and only the unantici­pated funds were re­turned.

Last year, the board vot­ed to put all such expen­ditures into the budget so voters could be aware of them, and return all unexpended funds to the towns.

"$234,484 is a small percentage of a $12 mil­lion budget. Our goal was to tighten the budget," Brock said.