Attached in usual two formats are the board minutes for last nights
special meeting.



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\paperh15860\widowctrl\ftnbj \sectd \sbknone\linemod0\linex0\cols1\endnhere \pard\plain {\f20 MINUTES\par
MORETOWN ELEMENTARY SCHOOL BOARD MEETING\par
Special Meeting\par
Thursday, January 3rd, 2002\par
5:45pm in the library of Moretown Elementary School\par
\par
DRAFT\par
\par
}{\f20\ul Present}{\f20 : \par
Board members - Kent Holden, Wavell Cowan, Karen Horn, Amy Kuzio, and Deb Hunter.\par
Principal - Roberta Barone\par
Superintendent - Bill Riegel\par
Business Manager - Michelle Baker\par
\par
Meeting called to order at 5:49 PM by Chair, Kent Holden}{\i\f20 \par
}\pard \par
\pard {\f20\ul Budget Discussion}{\f20 :\par
}\pard {\f20      Michelle gave an extended overview of the budget situation including a clear review of the estimated revenue sources. Wavell indicated t
hat his recording of the budget figures and Michelle's hard copy have a $230 reconciliation discrepancy in total expenditures (Michelle's $230 lower).  After responding to a variety of clarifying questions, Bill and Michelle left the meeting at 6:40pm.
\par
}\pard {\f20      Wavell distributed his spread sheet of the budget allocated to functional areas, showing the changes in expenditures in these various areas over the past few years.  After some discussion it
was generally concluded that it would not be possible to maintain current educational quality without a 2003 budget increase of almost 4% compared to 2002. This increase is due to contractual agreements, increases in medical insurance and another sub
stantial increase in the cost of special education, none of which fall within the Board's ability to control.  This increase is substantially less than the projected increase in the Harwood budget
, currently estimated at 7.24%, over which we also have no control.  Unfortunately these increases coincide with an estimated significant decline in Act 60 state funding for Moretown which projects a rise in the school property tax rate from $
2.13 per hundred dollars of evaluation to about $2.34, a 10% increase.  \par
}\pard {\f20      The current sentiment of the board is that the 2001 fund balance which nominally was scheduled to establish the MES reserve fund will probably be best sacrificed to allow about a 4\'a2
 reduction in the tax rate, reducing the increase to about 8%.
  This is tolerable based on the fact that best estimates for 2002 expenditures suggest a small surplus, and the assumption that we will receive some compensatory special ed money at the end of the 2002 school year as a result of the final rules adopted un
der the unusual special ed costs provision of Act 117. \par
}\pard {\f20      Kent asked all board members to think about the budget situation and how this unfortunate reality can best be presented to the community in support of an adopting vote at March meeting.\par
}\pard {\f20      On a motion by Kent seconded by Deb, the meeting adjourned at 7:20 pm.\par
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APPROVED}{\f20 \par
}\pard {\f20 \par
\par
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Date:_____________}{\f20 \tab \tab \tab _____________________________________}{\f20 \par
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}{\f20 \tab \tab \tab \tab \tab \tab Wavell Cowan, Board Clerk}\par
\par
}