001We're live. Okay. Thanks. Uh, good morning everybody. It's Thursday, June 19th. It's just after 8 a.m. and this is finance committee of the Darian Board of Education and we start off this meeting with the review of the May 2025 financial report. Uh, so this is the May financial report. Uh we are forecasting a projected surplus of $527,13 which is a slight improvement in the prior month of April of about $6,700. Um there aren't many changes but uh we do have some savings and special ed legal fees which are trending under budget by $11,980. Uh we have some salary savings from the vacant HAC position at a painter position of $4,200. And then ELP tuition will be short by just under $9,500 as we did have simply reclassifications of students to IEPs. Um overall general education
002RCS are forecasted deposit 15,57 and then special education RC's are forecasted deposit of 511,956. Um in total $527,000 surplus. Um just going through the RC's relatively quickly again RC12 maintenance shows a positive balance of 10,65. Uh this is salary savings again vacant painter and HBAC position. Uh the HBAC position, we do have somebody who's going to start June 30th. Um and then a painter position that's going to start that same day as well. Uh then going to RC24. As I mentioned, special legal fees are showing a slight positive balance of just under $12,000 as they are trending slightly budget. Um, as we mentioned in previous finance committees, the large driver for the positive balance this year is the additional $40 million the state put into excess cost for fiscal year 25. Uh, that will increase
003our reimbursement to uh 72.8%. Um, the state has indicated that they're doing it in three installments. So, we've received two of the installments so far to date, which would be uh the typical normal installments, and that 40 million um our share of that 40 million is coming next week. And then again in RC26 U tuition ended up slightly below expectations about9,485. Any questions? So I two questions um in this memo where voted to by the Vonics where would that show up? So the equipment purchase is in RC15 under equipment and so that transfer was uh done at the prior board meeting which is why it's not as a trans but you'll see the fund was RC15. Okay, great. And then just uh but just sorry just to be clear. So that that is reflected reflected
004already. So the 527 includes the $55,000 that has gone that okay just sorry I just want to make that really clear. Um and so then we're left with the 527. We have um when do we vote what to do with that? Right. We haven't actually made that decision as a board. Correct. Uh so you have until June 30th uh to spend uh that money. Uh otherwise it does go back to So if we do nothing, it just automatically goes back. And we we've had a couple board discussion go. Yeah. I just I didn't know whether there was a vote that we voted sent back or if it was Yeah. So, it doesn't uh officially go back to the town until we close out our books and we do that final financial report and it's usually
005late in August. Um but you have until June 30 to obligate that. So, in and talk about closing out the accounts uh that that process just briefly and how you do that. Um so, right now we have about 280 open purchase orders that we kind of go through. Um all the payroll is out as of uh actually this Friday. Um we have some bills that tend to lag. So for example like electricity, we consume electricity on June 30th, but you don't get build on June 30th. And so we'll have to wait for those bills to come in. Typically we look to have the books closed by the first week of August because we do have to do a state report called the EFS which is due to the state on September 1st or whatever that
006first um business day of September is. um failure to get that uh submitted to the state is a $10,000 fine for the board of education. Um but we've never obviously missed that and so you've never been fined. Um so that's kind of the deadline in terms of getting everything done. And then what ends up happening is there is a board of ed town reconciliation that occurs. Um so for accounting purposes and for the audit, we're essentially like a department of the town. Um and so once that reconciliation happens, let's say the ending amount is 527,13. Um, at that point that goes back to the town and the town will make an entry to put that back in their general fund. Any other questions? Any questions, Jill or uh Greg? Don't see any. I'm good. Okay.
007um anything in the grants or uh food service a note or um so just for the food service um again we're operating at kind of like that net zero this year and so we have moved over about 260,000 um so we're essentially flat for the year and it's been another good year um for the program um and there are no new grants uh to report of uh for this fiscal year okay um budget transfers we have none yep there are no transfers this Uh any public comment? There's nobody online or in the audience. So public comment. Um so before I close out, I just want to This is our last finance meeting, right? Together. Yeah. Yeah. So So I'll use like two seconds to just say thank you. Um I guess this is my third
008year, I think, as finance chair and you working with you and Rich on this and the transparency and the clarity and you know what we've done with this budget under some constraints is I think pretty remarkable. So uh thanks for being part of that and I know there'll be a lot more words at the last board of ed meeting, but thanks guys. are really appreciated. Uh with that, we will uh adjourn this finance committee meeting at uh 8:09, I guess. Thank you. Oh,