Schools Report $900,575 Budget Surplus at Midyear

BudgetSchools

Why it matters

The school budget surplus could provide taxpayer relief or fund educational improvements as the town develops its next annual budget.

What happened

Board of Education reported an estimated $900,575 budget surplus in the second quarter, driven primarily by reduced full-time equivalent positions and health insurance savings
Town finances show a $1.9 million surplus, approximately $600,000 less than the first quarter, with revenue $1.3 million ahead of budget due to tax revenue and investment income
Town's pension fund stands at $529,276,656 and OPEB fund at $111,759,503 as of December 31, 2025
Board unanimously approved February 5, 2026 meeting minutes with amendment to add James Walsh to attendance
Internal Auditor Connie Saxl, who recently retired after 34 years of service, presented four audit findings covering parking authority revenue, automotive maintenance charges, IT security, and fill pile restitution payments
Tax sale postponed until next year due to revaluation and property tax increases, with final decision required by April

What is next

Budget book will be distributed next week, and BOE utility expenses will be addressed at the next Board of Finance meeting.