Nutley School Board Reports $1.6 Million Surplus

Board of Education's auditors report that the money must be applied to the 2013-14 school budget to keep tax rates from rising, and should be used for one-time only expenses.

The Nutley Board of Education learned Monday night that the school district has $1.6 million excess surplus that must be used to reduce spending and taxes increases in next year's budget.

Gary Vinci of the auditing firm of Lerch, Vinci & Higgins told school officials that the district has a total of $3,450,000 in surplus, but the $1.6 million has a specific use.

"The district is required to use the balance in the 2013-14 budget," Vinci said.

Because the amount of excess surplus can greatly fluctuate from year to year, he recommended how the school board should use the money.

"The surplus should be used for one-time expenses," Vinci said.

The total $3.45 million represents about 2 percent of the total budget, he said.

Vinci said the increase of more than a million dollars came mostly from two budget accounts, Vinci said.

"The savings came from tuition costs and the maintenance of school facilities," Vinci said. "The two accounts make up about $800,000 of the total."

School officials did not comment during Vinci's presentation, but several said afterward that the budget committee will review all the numbers and make sure the money is applied to the next budget properly. 

Lynn December 19, 2012 at 05:23 AM
"The surplus should be used for one-time expenses" ok, i have a suggestion...get rid of the old textbooks currently in use by students and why not purchase current, new, up to date textbooks...to encourage reading, for those subjects taught in the schools that require the students to have the most relevant and current information available, besides, of course the use of the Internet...


More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »