Pawtucket CFO reports preliminary capital-reserve balance; reconciliation ongoing

CFO Stephanie Demeo told the school committee she is still reconciling fund accounting but presented a preliminary or "soft" capital-reserve figure for the committee to consider as it plans capital projects and the potential revolving fund. "Capital Reserve, looks as though it has about approximately $13,900,000 in it," she said, adding that her team is validating transactions and ensuring housing-aid receipts and other transfers are recorded in the correct UCOA codes.

Demeo explained differences among restricted accounts (capital reserve, fund balance, medical reserve) and said some entries predate her tenure, so she requested additional time to document past movements and present a fully reconciled history. Committee members pressed for reconciled numbers for FY2025 and FY2026 and asked for a breakdown of recent housing-aid wires that have affected the balance. Demeo said she can present a reconciled timeline for 2025 and 2026 and will continue working with the city to confirm transfers.

Members expressed concern about trust and accounting clarity after longstanding changes in staff and past coding decisions; Demeo and other presenters said they believe the money exists and is being restored to the proper accounts, but that some historical entries require physical paperwork and time to verify. The committee requested an updated reconciliation of the recent housing-aid payments and a ledger showing transfers affecting capital reserve for the current and prior fiscal years.