Tuesday, December 18, 2012

City Auditor now up

"I was asked to do a reconciliation...had some disagreement on how much funding was owed or not owed under the education reform act..."
draws attention to attached schedule
posting as we go
I should note that Mr. Zidelis is in the doorway
Thanks both finance directors and DESE for their assistance
Look at first column
fund with local contribution and state aid
state sets budget
subtract chapter 70 aid
calculation of contribution
add tuition costs and school choice (for charter and out of district students)
total school expenditures
subtract chapter 70 and charter school reimbursement
then that's actual contribution for net school spending
subtract that from what's required
then additional city contribution (what the city "counts" towards their contribution)
add the contribution
total excess city contribution
then subtract those expenditures not eligible for net school spending: transportation, adult ed, crossing guards, rentals
excess spending of $553,344
but $1,353,705 carried forward
deficit of $799,361

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