BATH TWP. – The final budget numbers are in for the Revere School District for Fiscal Year 2012, and the board of education approved both those numbers and temporary appropriations for the first quarter of FY 2013 at the June 26 regular meeting.
“This board is responsible for a budget of $46,388,775.24,” said Dave Forrest, Revere’s chief financial officer and treasurer, differentiating between the general fund budget of $31,523,422 and the other funds under which the district operates.
According to Forrest, the expenditures for the past year came in $742,000 under budget, while revenue was up $553,000, generating a “favorable swing” of $1.3 million, what he termed “a very positive outcome for the general fund for 2012.”
As is common with labor intensive businesses, salaries and benefits in the past year accounted for $25,331,838 of the general fund budget, or about 80 percent of expenditures.
The board then approved $11,621,147 in the temporary appropriations budget, which is one quarter of last year’s budget numbers. The final and detailed appropriations for the next school year will be available at the board’s August meeting.
In a related item, the district recently learned that its bond rating has been increased to Aa1, the second highest rating recognized by Moody’s.
“As a district, we should celebrate,” said Forrest.
He added that this increase is significant as it lowers the district’s borrowing costs while recognizing the district’s fiscal responsiveness, strong management practices and strong voter support.
This is the fifth time in 11 years that Revere’s bond rating has moved upward, and according to Superintendent Randy Boroff, “There has been one constant for the last 11 years – Dave Forrest.”