Balance Lowest in History of School

MILLINOCKET -- “We have the smallest balance forward in the history of the school.” Superintendent Brent Colbry issued this statement as he presented the annual audit report to the board members.

The annual audit for the year ending June 30, conducted by Runyon, Kersteen, and Oullette, determined that proper budgetary controls were in effect and that the Millinocket School had complied with the provisions of the Maine School Finance Act.

With $23,689 less than last year in the general fund, Colbry explained that this meant that, before the budget process begins, that amount of money must be made up either by new revenue sources or through a reduction in expenditures.

More

According to Colbry, the $95,279 balance came either from unanticipated,revenues or through budgeted funds not yet spent, most of which would be salaries.

Other dedicated funds, which cannot be used for other purposes, include:

• $222,583 in special revenues
• $59,296 in enterprise school lunch, vocational education, and drivers education funds
• $7,496 in adult education

The funds designated as special revenues are a cumulation of money recouped from Medicaid, which can be used only for special education expenses, Colbry explained.  “This is not a revenue stream you know is always going to be there so I only spent this year what was collected in reimbursements last year,” Colbry added.