Waltham forecasts $1.4 million deficit, may look to reserves to cover it

Teachers are in short supply and Waltham Elementary’s enrollment is climbing, which has increased the payroll.

Utica taxing bodies still reel over the loss of COVIA, the former Unimin Corp. Waltham’s finances are feeling the pinch.

Wednesday, Waltham Elementary unveiled a tentative budget showing expenses of $6 million against projected revenues of just $4.6 million, which would leave Waltham about $1.4 million in the red at the end of the 2024-25 school year.

The budget could be revised before the school board finalizes it on Sept. 25, moved from the third to fourth Wednesday next month to give the public 30 days to review the budget.

Even if a deficit materializes, the district has the reserves to cover it. Superintendent Kristi Eager also acknowledged the shortfall might not be as steep as forecast. Waltham has been pleasantly surprised before.

“Typically, the audited final budget numbers are much better than projected tentative numbers in the budget,” Eager said. “For example, in the 2023-24 school year the tentative versus audited numbers were 31% better than anticipated.”

And will Waltham taxpayers see an increase on their next bill?

“I am hoping not,” Eager said, “but I will not be able to answer that until I see the levy numbers.”