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Dundee school surplus is a 'surprise'

    DUNDEE—Dundee Central School district had an unanticipated surplus of $3.175 million for the school year just completed. District Business Administrator Melissa Lawson spoke about the reason for the surplus and how it will be used.
    The largest amount of the money came from the Federal American Recovery and Reinvestment Act (ARRA). Surplus funds were also in some appropriation categories and some in underspent appropriations. The last category reflects figures from the budget. Lawson said when the budget is put together there are some pieces of information that are not available. Best estimates are used in these cases.
    Lawson outlined the uses of the surplus funds:
    • $137,755 will be appropriated to the fund balance to bring the tax levy to the same level as 2009-10. The result is a tax levy increase of zero.
    • $500,000 will be placed in Unemployment, Retirement System and Insurance Reserve Funds.
    • $1 million will be placed in the Capital Reserve Fund for buses.
    • $350,000 will be placed in the Repair Reserve Fund. Lawson said these funds are used to mitigate increases in costs.
    With the surplus in hand, Lawson was asked if a deficit was possible and if so, how it would be managed. She said there is always the risk of a deficit. New York state does provide an estimate of support. The only way to generate revenue is taxes. If a deficit occurred in the future, the district would have to borrow to cover costs in anticipation of raising revenue at a later date.

 

 

 





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