Schools

Rockwood Ends Fiscal Year With Healthy Surplus

The district's finances came in better than expected, resulting in a $9.7 million budget surplus that will help shore up its reserve fund.

The Rockwood School Board received a bit of good news during an update on the district’s finances at a meeting last Thursday.

On the positive side, CFO Tim Rooney said the district would actually end its fiscal year, which closed June 30, better than it had forecasted. Previous projections had Rockwood on track to end the 2012-13 fiscal year with a $4 million surplus in its operating fund.

Due to several factors, including a sharp reduction in spending on supplies and services and the roll-over of several maintenance projects, that surplus will now actually be closer to $10 million.

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“We had a lot of focus on being as frugal as possible,” Rooney said.

This means the district’s fund balance, the amount of cash it has leftover at the end of the year, will be around $62.6 million, or 31.4 percent of its total operating budget, which is far above the 18 percent minimum required by district policy. 

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Rockwood plans on pulling from that reserve fund in the budget for its next fiscal year, which runs from July 1, 2013, to June 30, 2014, and calls for a deficit of $4.7 million.


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