Bridgewater-Raynham 'free cash'
June 8, 2006
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Easton
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Massachusetts
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Joseph Gillis Jr.
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Over the past twenty-four hours, a number of people have asked about Bridgewater-Raynham having $4M in 'free cash' at the end of fiscal 2005. I first became aware of the issue yesterday morning, and began researching the matter. As best as I can determine, the numbers appear to come from a report that was a draft audit assembled for the purpose of providing required documentation for a B-R bond issue. I have received updated information from our auditor, providing clarification on a few of those original numbers.
While the ‘Total Fund Equity’ remains the same as with the original document at $4,227,427.64 – referred to on my document as the ‘Total G.F. Fund Balance’ – there is additional detail provided in this second report. Specifically, $1,766,492.57 is ‘Designated’; the original had this value at $0, nearly half of this amount is related to money set-aside for the many school projects. With an Encumbrance stated at $600,422.57 in both reports, this leaves a total of $1,860,512.50 in ‘Undesignated Funds’. Of this amount, $662,836.00 is an accounting entry for ‘A/R Town Assessments’ for money owed to B-R.
This all leaves $1,197,676.50 as completely ‘Undesignated’ and thus eligible for usage. The B-R District voted to use $1,100,000.00 of this as revenue in the FY2007 school year, thereby reducing town assessments. Of the other $97 thousand, I know that some of this has been used during this year to pay certain invoices.
{The updated document from the auditors can be seen by clicking here}
If there are any more questions about this, please feel free to contact me.
