READING – At the most recent meeting of the School Committee Chief Financial Officer Gail Dowd presented a financial update on the fiscal 2020 school budget which showed $355,638 in unencumbered funds projected through June, 0.7% of the total fiscal 2020 budget. Dowd reported the school closure has resulted in various savings across each cost center, there are also additional expense and unanticipated impacts to all of the Revolving Accounts as well as unknowns as a result of the Covid-19 pandemic. Since the closure of Schools on March 13, there have been savings related to decreased overtime within Facilities, decreased costs associated with daily substitutes (including paraprofessional coverage and custodial coverage), open positions that have not been filled (facilities, administration, paraprofessionals) and less transportation, athletic officials, coaching stipends related to cancellation of spring sport season. There are also areas in which the schools are experiencing additional costs and/or lost revenue. As discussed in previous committee meetings the schools have refunded/forgiven one month of payment for both our Full-Day Kindergarten and RISE fee-based programs. In addition, they have experienced lost rental revenue, ticket sales for extra-curricular shows, as well as decreased student activities in the extended day, use of school property, athletics and extra-curricular revolving accounts. We have also seen an increase in legal fees associated with COVID19 related items mainly around personnel Dowd added. The budgets with projected excess funds include Special Ed- $228K, Regular Day- $188K and Athletics $49K while deficits are projected in School Facilities- $71K and Curriculum $23K. The savings in athletics will be used to purchase band uniforms, and field hockey and football uniforms. The School Committee at the May 28th meeting voted unanimously to authorize the following cost center transfers to cover the projected deficit: • Transfer $10,000 to the Administration Cost Center from the Special Education Cost Center • Transfer $75,000 to the Facilities Cost Center from the Special Education Cost Center The School Committee also voted unanimously to authorize the following changes in the Revolving Account Offsets: • Reduce the offset from the Extended Day Revolving account by $75,556 • Reduce the offset from the Use of School Property Revolving Account by $44,444 • Reduce the offset from the Full Day Kindergarten Revolving Account by $150,000 • Reduce the offset from the RISE Revolving Account by $100,000 • Reduce the budgeted offset from the RMHS Extra Curricular Revolving account by $15,000 and the Coolidge Drama and Parker Drama Revolving Accounts each by $12,000 • Reduce the budgeted offset from the Athletics Revolving account by $90,000 At the end of the year Dowd will present a final view of the budget with recommendations for any adjustments to be made. As discussed at a prior meeting the School Committee voted unanimously to pay 78% of the costs for special education transportation since March 13, and 70% of the cost of the regular school bussing contract. By approving these contracts the schools ensured the continuation of services from these contracts when schools resume. Dowd announced that the special education transportation provider also agreed to no increase in the contract for next year.

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