LS School Committee transfers $800,000 from reserves to OPEB and stabilization

SUDBURY -- March 6, 2024, LS School Committee moves $800,000 out of reserves and accepts $21,786 in state EV grants. Meeting on March 6 with the chair absent, the committee voted unanimously to transfer $300,000 to the OPEB trust and $500,000 to the LS stabilization fund from a certified $1,218,547 excess and deficiency balance, leaving $408,547 on hand. Business Administrator Christine said the stabilization addition brings that fund near $1.85 million, giving the district room to develop 420 Lincoln Road "without necessarily having to borrow." Auditor Todd Jerzyk of Powers and Sullivan delivered a clean FY23 opinion; the district's net pension liability rose roughly $1.9 million, mostly on Middlesex County Retirement investment performance. A two-year look-back on the LS solar canopy showed 1,921,074 kilowatt hours generated and $316,280 in net savings against market rates, 58 percent. The committee also accepted three donations from baseball and softball booster groups: two scoreboards and an 8-by-8 storage shed, all at zero cost to LS.