Burlington Schools Financial Update
August 26, 2010

Michael Gilbar, Burlington's new Business Manager, issued a year-end report indicating a surplus of $509,257 for the fiscal year 2010. While our accounting for the year is not yet audited and some closing entries are yet to be completed, we're pleased that the cost controls and review systems we've put in place have been effective. Although we are still carrying forward the adjusted prior year deficit, our revenue for FY 2010 exceeded our expenses. Audited financials will be available in the spring of 2011.

As we close the books on FY10, we are pleased to announce that our projection of the unaudited year end financial status indicates a surplus of $509,257. In the past 6 years, we have ended the year on a surplus 4 times, with FY08 and FY09 both showing deficits. We believe that keeping you informed about projected as well as actual results in important as there continues to be confusion regarding district deficits. This end of year number likely will change as the books are audited, but we believe those changes are not likely to be significant based upon current data.

This is good news, as it shows the measures we put in place during FY09 and continued into FY10 are making a difference. Despite a downward affect on our Payment in Lieu of Taxes for Burlington Telecom and Burlington Electric Department through the FY09 audit that was just completed, other increased revenues and improved spending measures helped us to stay in the blackfor FY10.

Overall, this means that with the carryforward deficits of FY09 and FY08, and the funds put in the FY10 budget to retire those deficits, we currently anticipate entering the FY12 budget process with a balanced budget with the existing deficit retired.

Click here for the Report