Revolving Accounts (5 minutes)

Transcript (~3 min @ 1:35:30)

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▶ 1:35:26 Margaret Raymond Driscoll: all in favor opposed and that motion carries six in favor with one absent next in our agenda is the revolving account summary and if you would like to give a brief overview miss Secor so in your packet you'll find the memo on the

▶ 1:35:41 Speaker 1: revolving account funds and I gave a brief description of all the revolving account funds that we currently use as offsets a revolve just to you know a high-level overview or revolving fund is a fund or account that remains available to finance and organizations continuing operations without any fiscal year limitation sources of funding vary and include fees tuitions state appropriations and reimbursements and this just means that these are almost like savings accounts they they go on the books they bring in deposits and they roll over every year and we do not lose funding as of June 30th for these

▶ 1:36:28 Margaret Raymond Driscoll: accounts thank you for that overview are there any questions on how revolving accounts work or what they mean from the committee mr. O'Connor just very briefly

▶ 1:36:37 Speaker 4: madam chair this is something that we have fairly regularly talked about over years um and uh there's been much speculation about it what they are what the amount is uh why is it changing um and miss secor you've done a great job in uh putting to rest all of uh those concerns and fears and misconceptions about this so thank you for that much appreciated

▶ 1:37:08 Margaret Raymond Driscoll: thank you manager thank you so much any other comments or questions mr candero yes thank you

▶ 1:37:12 Jennifer McAndrew: very much always this is very helpful for us to see um you and i have talked about this before and i appreciate it very much um i do um did want to give you a chance if you wanted to to comment on um the ecc revolving fund because just because um it is a negative balance right now and i just wanted to understand it um i think i know some of the reasons for that and also i know we sometimes hit these reports you know when things have been paid out but tuition hasn't come in and there's sort of the natural up-and-down of the account but did you want to comment at all on that balance and what you anticipate for maybe

▶ 1:37:51 Speaker 1: year-end there yes so sure the Franklin revolving account is tuitions for the preschool the preschool this year the the teachers and paras got paid the first week in September and for us to pay out the payroll almost the first day of school it takes a little while for the tuitions and the expenses and the payrolls to hit each other so we do look to have a $250,000 to the positive as of June 30th excellent thank you very much very good any other

▶ 1:38:28 Speaker 1: questions or comments thank you that was an excellent summary and a good review the community to review to know that their funds are being managed well and watched closely last on our agenda is the end of year summary if you'd like to share with us some information about that sure so this is the end of year report from the department of elementary and secondary education this is an annual report that is done by the finance departments of all school departments and this is a summary of all expenditures from school committee municipal offices as well as grants and revolving accounts and so i've just given you a high level overview of where we landed on expenditures on points one and two and i do look forward to being audited again in february around february um and then i can give you the hard numbers then as to where we landed