Manchester schools project budget surplus
March 09. 2014 9:53PM
MANCHESTER — The Manchester School District is projecting a budget surplus of more than $800,000 in its current fiscal year, including a surplus of some $600,000 in the district’s salary account.
A memorandum prepared by Business Manager Karen DeFrancis for the finance subcommittee of the Board of Mayor and Aldermen also projects a $100,000 surplus in funds earmarked for employee benefits.
The Board of School Committee and its finance subcommittee each meet tonight.
The district salary budget, after subtracting a $100,000 transfer for other purposes, is just over $79.3 million. But school officials are projecting district salaries will be $609,000 lower, or only about $78.7 million. The decrease in salaries has an effect on other items, such as employee benefits. The district’s contributions to the federal FICA tax and to contributory retirement are lower due to the smaller payroll, saving another $102,000.