Hampden’s faculty district has an almost $9M funds surplus

A number of the Maine cities that make up Regional College Unit 22 hope the district will give a portion of its year-end surplus funds again to the communities.

The funds for RSU 22 — which serves Hampden, Frankfort, Newburgh and Winterport — was about $36 million final yr. On the finish of the yr, it had $8.89 million, in accordance with a June 2022 audit obtainable on the district’s web site. A year-end fund steadiness occurs when a faculty district’s revenues exceed estimates, expenditures are lower than the full of appropriated funds or some mixture of those.

In Maine, public faculty districts should carry ahead their fund balances to satisfy wants within the subsequent yr or over a three-year interval. But when a district’s unallocated steadiness is greater than 9 p.c of the earlier yr’s funds, the district should kind a plan to spend the cash inside three years, which could embrace giving a portion again to the cities it serves.