NORWALK, Conn. — Norwalk Public Schools is ending the fiscal year on budget, Chief Financial Officer Thomas Hamilton said Thursday.
There was some last minute concern over $500,000 of expenses at the Center for Global Studies (CGS) but that got worked out, Hamilton and Board of Education Finance Committee Chairman Bryan Meek explained, as the Committee voted to send proposed financial moves to the full BoE for approval.
That included $1.5 million in budget transfers and authorization for Norwalk Superintendent of Schools Steven Adamowski to make further transfers in July in August, as need to close the books on 16-17.
The full BoE will vote on these proposals on June 20.
“I will note that it is June 8 and I think this is the earliest that we have gotten a P&L (Profit and Loss Statement). So, thanks for closing the books earlier,” Meek said.
“We are about where we expect to be. I think we are in decent shape. We expect to end the year with a balanced budget,” Hamilton said.
The biggest proposed budget transfer, $1.23 million, goes to Special Education contracted services, Hamilton said.
However, there’s good news: state funding for the excess costs grant came in at $4.7 million, when the Board had conservatively planned for $3.5 million, he said.
“We are at the end of the year so there is nothing on here that I think is unusual or unexpected for an organization of our size. There is always going to be things that come in under and come in over,” Hamilton said.
The Board last year gave Adamowski authorization to make year-ending budget transfers without BoE approval, in the lull of the summer.
“It is simply for purposes of getting the books closed. There are going to be additional transfers that are required,” Hamilton said.
Meek said he was OK with moving it forward to the full Board for the sake of protocol, but there should be an understanding of how much might be transferred.
Hamilton promised an estimate for the June 20 meeting.
“I don’t recall it being material last year,” he said.
Money in the Special Education transitional fund, established last year with a special appropriation, will be transferred to the coming year, he said.
Meek said there had been a “little snafu in what was recognized allowable expenditures from CGS.”
“We almost had to eat another $.5 million on this year’s expenditures, which would have been difficult,” Meek said. “There was a midnight push, last night, from our Norwalk delegation, both sides of the aisle. We got a giveback in there and we are not going to have to suffer that, fortunately. Provided the governor does sign the bill into law.”