LONDONDERRY — The Londonderry School district has some good news for taxpayers. Business administrator Peter Curro told the School Board last week that the district's fund balance is $585,243 in the black.
Revenues for fiscal year 2010 were $62,288,964, $202,112 above estimates adopted during the budget process, he said. This amount came from Medicaid reimbursement, which was $175,560 above projection.
Other major contributors to the year-end surplus were expenditures for regular educational temporary staff and special education staff being lower than predicted.
Utilities were $179,840 below budget, slightly better than anticipated.
State law requires all year-end surplus funds from school districts be used as revenue for offsetting the following year's tax rate. This represents a property tax decrease of 14 cents that will be applied when setting the December tax rate.
"The board expected $100,000 to $150,000 in savings this year and is pleasantly surprised with the administrators' ability to bring in over half a million in savings," School Board member Steve Young said.
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