Edgecomb school officials will likely enter the next fiscal year with nearly $650,000 in surplus funds. The Edgecomb School Committee discussed its unexpected surplus which has grown over recent weeks from nearly $350,000 to now $650,000 due to a closer examination of accounts. The school budget has found savings due to unspent funds from the current year due to the coronavirus and further savings in transportation costs for a special needs student’s travelling to Saco and transporting students from Bath to Edgecomb being no longer necessary for the next school year. 

During the June 22 special school committee meeting, Alternative Organizational Structure 98 Superintendent Dr. Keith Laser explained the “unexpected” growth in the undesignated fund balance is a result of the past two years and a closer examination of all accounts revealed unspent funds. “The further out we go, we start to get a better picture of our financial situation, and we are heading into next year in very good shape,” he said. 

A nearly $650,000 undesignated fund balance allows Edgecomb to enter the next school year with the ability to fix the school’s roof without asking for taxpayers to make a substantial increase in their local allotment. The committee received an updated proposed FY 21 budget prior to the meeting. The proposed budget is $3,312,286 which reflects a 1.4% spending increase. The large surplus also allows school officials to fix Edgecomb Eddy School’s roof. Three years ago, school officials received a $250,000 repair estimate. Laser recommended using the next couple of months to receive bids for fixing the roof next summer. “We can’t do it now or when school starts. So let’s go ahead and get some bids with the expectation of repairing next June,” he said. 

The committee will vote on the proposed FY 21 budget at 6 p.m. Monday, June 29.

This article has been updated from its original posting.