FINCOM Delivers 'Sobering News' Regarding Lincoln-Sudbury
Reserve funds will have to be used to avoid override.
"It's the lesser of two or three evils."
That was the message Sudbury Finance Committee Chair Jim Rao told the Board of Selectmen during its Tuesday night meeting when explaining the best solution to help the Lincoln-Sudbury Regional School District from going over budget.
Rao said L-S will have to dive into its money reserves, something the Selectmen agreed with.
The cause of the financial issues is an increase in enrollment next year. The school's enrollment needs are expected to level off the following four years, L-S Committee Chair Nancy Marshall said.
Selectman Chair Larry O'Brien warned solutions for FY15 need to be addressed sooner rather than later.
"I thnk it’s a discussion to start as soon as possible" he said.
Rao said because the Town of Lincoln lowered its financial onus, the upcoming assessment to Sudbury will be a spike of 4.5 percent.
Because of Minuteman High School's assessment to the town, that will consume a predicted $500,000 revenue increase for Sudbury in FY14.
"It's sobering news," Rao said.
The good news, Rao added, is the town can still avoid an override with its 2.7 percent townwide budget increase. That budget is currently slated for $84.3 million, Rao said.
"We are where we started," he said in regards to the budget planning that began in the fall. "We’ve mitigated any potentional downsizing. I don't expect a windfall from where we are."