By Lynne Phillips
New London’s Board of Education members were updated on investment income and the five year forecast by district treasurer Jim Hudson during Monday evening’s meeting.
Hudson said the investment income last month was up to just under $2,000. “There are two reasons for that,” he stated. “One because our cash balance is higher than what it has been for the last two months and interest rates are higher. Right now interest is at .99 percent, prior to that it was about .75 to .85 percent.”
He gave details of the district’s funds for both expenditures and revenues to board members. He said cash balances within the five year forecast increased by 33.4 percent for February and March or $941,000. The increase is due to the district’s real estate settlements. “Last year I asked for a tax advance and that was given to us in January and February. I did not do that this year, so we got the bulk of our money in March.”
In the five year forecast Hudson said, Salaries have increased by $47,000. Benefits are at $159,000 and purchased services have decreased. Hudson told the board the purchased services decrease is due mainly to less going out for utilities because of the mild winters.
“Our expenditures should be at about 75 percent of our budget at this time of the year,” he stated. “Salaries are at 72 percent.” He added spring supplementals have yet to be paid as well as severance payouts. So that area will actually catch up with itself.
Benefits are lower than what had been predicted at 67.9 percent, which has a lot to do with those district employees being covered with health insurance.
Purchased services is 68.12 percent which is lower and Hudson said he believed that number will come out to be lower than predicted.
By the end of the district’s fiscal year, Hudson said he felt the numbers will be lower than predicted for the forecast.
Real estate revenue for the five year forecast was slightly more than $2,000,000, according to Hudson. “The actual amount was $255,000,000. That is a difference of a positive $36,000. I am extremely pleased with that.
Tangible personal property has exceeded the district’s expectations. In fiscal year 2016 we came in at $170,000 and $173,000 was the projected amount. The actual amount was $195,000, a gain of $22,000. Much of that is due to the collection of delinquencies which are up. Hudson said the projection would probably have to come down because the $195,000 number is not sustainable.
Projected income tax is $1.1 million. Hudson said there is one more collection coming in at the end of the month which means the total number should be close to the projected amount.
State foundation funding is projected at $7.1 and should actually come in close to that amount when the final collections are in.
There is one more property tax collection to come to the district and Hudson reported the actual number should be very close to the projected amount.
The final amounts of the district’s forecasts should be very close, according to Hudson. “I think we end up within five percent of our overall projections.”
Other treasurer recommendations were approved by the board as follows:
- Donation of $10,000 from New London Athletic Boosters for new football uniforms.
- Then and Now/Recertifications for Spencer Signs (wrestling) $118, Spencer Signs (track) $248, Florida Farm Bureau $1,200, Scholastic Magazine $62, Frontline Education $3,969, Auditor of State $6,006.50 and Buckeye Corner $60.
- Fund establishments for Building Repair and Replacement and the Doug And Sandy Knudsen Scholarship.
Superintendent Brad Romano updated the board on legislative items that included proposed changes to graduation requirements by the state board of education.
Romano, as part of his superintendent’s report told the board:
- Applications for the district Golden Apple Awards are due next week.
- Pre-construction meetings regarding shingle and flat roof repairs should begin in June and be completed by the Aug. 1 deadline.
- Water testing revealed there are no potential lead issues.
In other business board members approved the following agenda items:
- Certified substitute staff, Charisse Thornsberry and Jillian Hess.
- Family Medical Leave Act (FLMA) for Paul Dowdell retroactive to April 5 through April 21, 2017.
- An agreement with Murray Ridge (the equivalent of Christie Lane in Lorain County) for the 2017-2018 school year.
- Agreement with NWEA MPAPS assessments for the 2017-2018 school year.
- Adoption of policies - Evaluation of teachers, habitual and chronic truancy intervention strategies, graduation/diploma requirements, student accident insurance, student discipline procedures, student conduct, immunization, asthma medication and epinephrine auto injectors, extracurricular activities, interscholastic activities, college credit plus, purchases, uniform grant guidance, time and effort reporting, procurement with federal grants/funds, disposal of property, public records, records retention and disposal schedule, school wellness policy and crowdfunding.
New London Mayor John Martin was on hand to present two proclamations to cross county participants and one wrestler designation April 18 and 19 as Cross County Appreciation Day and Wrestling Honorees Appreciation Day respectively.
Two executive sessions were held by board members, one, to consider the investigation of charges of complaints against a public employee, official, licensee or regulated individual and one to consider compensation of a public employee or official.
There was no action taken by the board on either matter.
The New London Board of Education meets regularly on the third Monday of each month at 7 p.m. in the board office. The next meeting will be held on May 15.