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.