Wellesley Public Schools: Fiscal Year 2026 Budget
Single Audit Act For any community that expends $750,000 or more per year in federal grant awards, the Single Audit Act establishes audit guidelines that reduce to only one the number of annual audits to be completed to satisfy the requirements of the various federal agencies from which grants have been received.
Specialized Transportation
A modified transportation service not normally provided for regular day students, designed to meet the special needs of a student for whom an individualized educational plan has been developed in accordance with M.G.L. c. 71B, § 14, and 603 CMR 28.00. (MA DESE)
Stabilization Fund A fund designed to accumulate amounts for capital and other future spending purposes, although it may be appropriated for any lawful purpose (MGL c. 40 § 5B). Communities may establish one or more stabilization funds for different purposes and may appropriate any amounts into them. A two-thirds vote of town meeting or city council is required to establish, amend the purpose of, or appropriate money from a stabilization fund. A majority vote of town meeting or city council is required to appropriate money into a stabilization fund.
Student Opportunity Act (SOA)
The Student Opportunity Act, (SOA) signed into law on Nov. 26, 2019 (Chapter 132 of the Acts of 2019) provides a major infusion of new funding to Massachusetts public schools. The act is the most significant update of the state education funding system since the Massachusetts Education Reform Act was enacted in 1993. The primary beneficiaries will be low-income students, students of color and English learners who have been left behind by the outdated system.
Tax Rate The amount of property tax stated in terms of a unit of the municipal tax base; for example, $14.80 per $1,000 of assessed valuation of taxable real and personal property. Trust Fund In general, a fund for money donated or transferred to a municipality with specific instructions on its use. As custodian of trust funds, the treasurer invests and expends such funds as stipulated by trust agreements, as directed by the commissioners of trust funds, or by town meeting. Both principal and interest may be used if the trust is established as an expendable trust. For nonexpendable trust funds, only interest (not principal) may be expended as directed.
Turnback At the close of the fiscal year, the Wellesley Public Schools complies with
Massachusetts General laws (MGL) and returns all unexpended and uncommitted general funds to the Town of Wellesley. This is referred to as turnback.
Turnover Savings The Wellesley Public Schools budget anticipates savings (between $600K and $700K annually) due to staff turnover. This can be a result of an experienced, top of the salary scale teacher retiring and being replaced with a mid-scale teacher. Turnover savings can also be generated due to delayed hiring for hard-to-fill positions. Tydings Amendment The Education Department General Administrative Regulations (EDGAR) allows grantees to carryover for one additional year any Federal education funds that were not obligated in the period for which they were appropriated. For grants that are
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