6 | ACTON-BOXBOROUGH REGIONAL SCHOOL DISTRICT
District Finances at a Glance
FY23 Financial Highlights • Chapter 70 (Minimum) Education Aid increased to $60 per pupil (versus $30); represents $150K revenue variance. • Interest rates on invested funds increased to over 5%; projected investment income is over $750K for FY23 (versus $65K in FY22). • In the aggregate, District expects a turn- back of ~$1M (consistent with historical averages), to replenish E&D ($1.375M budgeted use in FY24). • Details of yearend budget-to-actual results will be presented in the preliminary FY23 financial report to School Committee (August, 2023). FY24 Budget • Both towns have voted approval of the District’s FY24 operating and capital budget ($105.9M), an increase of 2.9% over FY23. • Modest increases in some revenues (from sources other than the regional
Annual Operating Budget Growth (%)
4%
For the first few years following full regionalization (in FY15), the District’s annual Operating Budget increase approximated 4%. As the chart at left shows, since FY18 the District’s average Operating Budget increase has been slightly under 3%, with most years increasing by less than the average. This compares most favorably with similar trend data of districts comparable to A-B, as has been reported in budget presentations. The Operating Budget represents the appropriated budget for all years except FY21, where the incremental impact of the first year of new twin school debt service has been excluded.
3%
2%
1%
0%
AVG. FY18 FY19 FY20 FY21 FY22 FY23 FY24
■ Average Budget Increase (2.99%)
■ Budget Below 3% Increase
■ Operating Budget Increase
Budget/Assessment Trends
8%
Due to its significantly greater relative enrollment, Acton’s assessments track closely with the District’s annual budget increases. Prior to FY22, Boxborough benefitted from the “cost shift” during the first seven years of full regionalization. Since FY22, and projected to continue for years beyond FY24, Boxborough’s assess- ment increase exceeds the annual operating budget. Assessments are calculated based on the most recent three-year average of total enrollment for both towns.
Acton Assessment Increase
6%
4%
Annual Budget (Appropriation) Increase
2%
assessment); decrease in budgeted use of available District reserves.
0%
• Boxborough’s FY24 assessment increase (5.2%) is greater than Acton’s (2.8%), due to Boxborough’s relative proportion of K-12 enrollment.
Boxborough Assessment Increase
-2%
-4%
AVG.
FY18
FY19
FY20
FY21*
FY22
FY23
FY24
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