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Region 4 Surplus Returns to Member Towns and Sinking Fund

A surplus, when it comes to money, is always a welcome thing. The final audit of the Region 4 Schools budget realized a surplus of $53,350 for the 2014-’15 year. Based on a policy adopted last year, the funds will be split. Fifty percent, or $26,675 will go to the member towns of Chester, Deep River, and Essex (based on student population), and the remaining 50 percent will be applied to the Region 4 Schools’ capital sinking fund.

For the 2013-’14 year $71,000 in surplus funds were put into the Region 4 sinking fund and $48,245 were given back to member towns.

According to Region 4 Schools Business Manager Garth Sawyer, the sinking fund has a balance of $301,000. Certain items have been designated for those funds, in the future, such as field repairs, field lights, maintenance vehicle replacement, flooring, paving, and the maintenance storage building at Valley Regional High School.

Superintendent of Schools Dr. Ruth Levy attributes the monetary surplus, in part, to freezing the budget.

“Unless it is a necessity, nothing has been purchased without being cleared through the central office,” said Levy. “Over the years we have been giving money back whenever there is a surplus and we have also been keeping an eye toward major purchases and developing a sinking fund so when these larger purchases are needed or something breaks, the purchase cost is not a major factor and we have some money when we need it.”

Most recently, $23,000 from the Region 4 sinking fund was used to purchase a tractor with a snow blower. The vehicle is being shared between John Winthrop Junior High School and Valley Regional High School.

Of the $26,675 potion of the surplus going back to the towns this year, Chester will receive $6,439, Deep River will receive $8,267, and Essex will receive $11,969 for a total of $26,675.

According to Sawyer, the money will go into each town’s unanticipated revenue.

“The results of this year’s audit are great news, given the significant financial challenges the board and administration faced last year,” said Chris Riley, chairman of the Region 4 Board of Education. “Dr. Levy and her team are to be commended for their continued commitment to both our students and our taxpayers.”

Currently preliminary discussions are taking place in regard to the upcoming 2016-’17 budget.