Capital project hikes city school costs
The Dunkirk City School District’s capital project has led to a “pretty dramatic increase” in expenditures, according to its auditor.
Jared Pickard of the Drescher and Malecki accounting firm reported on the district’s annual audit at a Board of Education meeting Tuesday. He said expenditures have gone from $48.2 million in 2019-20 to $62.2 million for the 2023-24 school year.
The majority of that hike was due to a $10 million transfer from the district’s capital fund to its regular budget, to help pay for the wide-ranging construction project that’s upcoming. District voters approved the project in May during the vote on the 2024-25 budget.
Pickard said the district’s fund balance of $18.5 million, while down from $23.4 million in 2019-20, is “pretty good” when taking into account the upcoming project.
He explained that most of the fund balance is restricted to certain uses, such as unemployment and retirement payment reserves.
District revenue has risen from $48.4 million in 2019-20 to $56.5 million in 2023-24. Pickard said the district got an additional $750,000 in 2023-24 out of the state’s recent legalization of online sports gambling. It also added $700,000 more in money made off interest.