District gets unexpected insurance refund from LGC
DERRY — An unexpected refund on school district health and dental insurance costs will help ease the burden on local taxpayers.
Earlier this week, Superintendent Laura Nelson announced the district is getting a refund of a little over $1.1 million for health and dental insurance costs. Although the district was expecting the refund for the 2011-12 year of nearly $337,000, Nelson said it wasn’t expecting the approximately $800,000 refund from the 2010-11 school year.
“We were already notified last fall (from the Local Government Center), and knew that we would be receiving a refund on medical insurance and dental insurance for the 2011-12 school year,” said Nelson. “We included this as anticipated revenue in the budget. What we had not received, until June 21, was information that we would also be receiving a significant refund for the 2010 medical insurance.”
The total refund for the two years is $1,166,265.30, Nelson said. At this point, she said the district is not sure whether it will be receiving one lump sum for the refund or if it will be paid out over two years.
Nelson said the school district will be returning the money to offset the town tax rate.
School Business Director Jane Simard said there is a portion of that refund that will go back to district employees.“The entire $1.1 million will not go back to the district, but the majority of it will,” Simard said. “Whatever portion the district receives, that is not money that we will be spending for anything else in the district.”email@example.com