Monday evening at the Woodbridge District office conference room, the Woodbridge Board of Education Committee met to review the monthly financial reports and discuss what metrics are most useful in understanding the proposed 2010/2011 budget. For the month ending December 31st, 2009, the school is running approximately ten thousand dollars over on its $11.9 million dollar 2009/2010 budget. The largest over budget items included $66 thousand due to additional transportation needs and $63 thousand due to additional tuition costs for unanticipated special needs students. This was offset in part by changes in teaching and custodial staff which occurred after the budget had been finalized.

Committee member Steve Fleischman inquired about the status of the funds set aside for GASB, asking about how that money was being invested and what sort of returns have been received. These funds are being handled by the Woodbridge Investment Committee which meets on an as needed basis. The most recent meeting of the Investment Committee, as listed on the Town Website was March 31, 2009. Those minutes report the recommendations of the committee to the Board of Selectmen to adopt an ordinance to establish a Town of Woodbridge Other Post-Employment Benefits Trust Agreement as well as the Trust Agreement itself. There is no information in the minutes about any investment decisions.

It is believed that the Investment Committee will be meeting soon and it is hoped that more information will be available from the committee at that time.

The administration reported that the proposed 2010/2011 budget as approved by the Woodbridge Board of Education calls for a 2.47% increase. A discussion followed about the importance of the administration communicating to the town what the value proposition of the school budget is to help people understand some of the different cost structures in the Woodbridge Board of Education budget when it is compared to other school districts.

It is also worth noting that the Superintendent is giving back his 2% salary increase for the year with the money being made available to support professional development for teachers as well as to provide instructional resources for the children of Beecher Road School.

The results of the Finance Committee meeting will be discussed at the next Woodbridge Board of Education meeting.

(Cross posted at the Woodbridge Citizen.)