B-R have?
April 16, 2004
Bridgewater
Raynham
Easton
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Joseph Gillis Jr.
You can do something!
As many of you may have already seen during the debates, I questioned the amount of money that the B-R School Committee has. While reviewing the dollar amounts anounced as Income during the 3/31 School Budget Hearing, and comparing those numbers to the latest budget from the State, the number $40,000 as Investment Income jumped off the page.
From discussions with people familiar with Balance Sheets, referring to $40k in this format would mean that the enterprise (the School District) anticipates creating $40,000 in income from stocks, bonds, certificates, etc... Municipal entities would normally place cash in a safe investment, and the rate I was quoted for municipalities holding cash was 1.2%. Therefore, on an average daily basis, the Schools would have to carry a balance of $3.33M to create $40k in income.
Where could this money be? It is hard to say. I have never seen a published Income Statement, Balance Sheet, Accountant's Statement of Receipts, Treasurer's Monthly Financial Summary. Check Bridgewater and Raynham's Annual Reports and you will find those items for the two towns.
Prior to believing that B-R has no money, shouldn't we as tax payers be shown the financial statements?
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Note:
Take note of the date that these comments were made, and the text I had written. At no point is it said that someone is attempting to hide money. However, just like Bridgewater in late 2003 recognized cash (to balance the accounting error) from long dormant accounts, could there be a similar situation in the B-R School System?
Think back to the spring and early summer of 2003 as Bridgewater residents were told repeatedly that there was no more money. At least some money was 'found' to help alleviate the immediate shortfall.
-- jg, 8/11/04
