Stafford, CT – June 24, 2024
During budget season, we often hear that budgeting relies on many best estimates. How much heating oil will you use, and how much will it cost? What will break unexpectedly and require maintenance? No one ever really knows. Sometimes budgets go over, and sometimes they come in under–and according to Superintendent of Schools Steven A. Moccio, Stafford Public Schools expects to be in the black at the end of the year.
During Monday’s Board of Education (BOE) meeting, Moccio and Charmaine Bradshaw-Hill, Director of Finance and Operations, told the board that even though the current financial report shows the district being overextended by a little more than $67,000, the district is expecting about $164,000 in excess cost reimbursements.
In fact, the district received a little more than they were anticipating from the state. They had budgeted for about 72% reimbursement of their excess costs but ended up receiving about 83%. Still, Moccio pointed out, that was still about $100,000 less than if the reimbursements were not capped.
“It’s wonderful that we received more, but there is still some way to go there,” Moccio said.
He also told the board that there were other reimbursements still to come. For instance, the town will use the funds from the school’s Capital Improvements fund to pay for a projector and the engineering costs for the water connection at West Stafford School. They expect about $30,000 to shift back into the school’s accounts.
.
Meanwhile, Bradshaw-Hill is requesting credits from M&J bus for when they were unable to provide bus services.
Moccio ultimately recommended that the board shift any leftover money in this year’s budget to the self-insurance fund to pay back the town for the money it has fronted to cover those costs. (Learn more about that here.)