The national hot button issues of financial security and high fuel prices as they relate to one of the Island’s largest institutions occupied members of the Martha’s Vineyard Regional High School committee at a meeting Monday night.

The question of whether the high school’s money is safely secured was brought up by committee member Susan Parker at a budget subcommittee meeting and again at the high school committee meeting.

The annual high school budget currently hovers at around $16 million and is paid by towns on a quarterly basis. Amy Tierney, assistant to the superintendent for business affairs, told the Gazette that as a result at any one time there is between $1 to $1.5 million in the general fund.

She said the money is spread across six accounts with stable banks based both on and off-Island. These banks she added, insure accounts up to $250,000. However, she said, more than this can flow through a vendor account used for payroll and other regular expenses. Ms. Tierney said she suspects that the high school is too large an institution for the money to be spread out thinly enough for it all to be covered by bank insurance.

From investments made with this cash, the high school accrued $96,000 in interest on last year’s revenue. The school also has money in trust and scholarship funds though money accrued in these long-terms funds is not included in the annual interest total.

“We do pretty well,” Ms. Tierney said.

At the meeting Monday committee member Leslie Baynes said the short-term focus should be to protect the money that the school currently has.

“It’s not revenue enhancement now, it’s capital protection,” he said.

Jeffrey (Skipper) Manter, committee member from West Tisbury, agreed.

“We need to protect it, can’t go back to get some more,” he said.

Speaking yesterday, Ms. Parker said it is a fiduciary responsibility to ensure the finances are as safe as possible.

“I felt I had to ask, times are so weird now that what worked before it ain’t necessarily so,” she said. “If everything is hunky dory then just tell us. I just wanted them to be thinking about it,” she said, adding:

“I’m not trying to panic anyone. I’m not saying take it out and put it under the mattress, but just to do what’s prudent.”

At the meeting schools superintendent Dr. James H. Weiss agreed that the finances would get a careful look.

“Clearly, we heard that message,” he said.

Later in the week Ms. Tierney said she, Mr. Weiss and treasurer Marylee Schroeder will be reviewing the banking procedures over the coming days.

The price of fuel also came up at the meeting. Annual rates for propane and oil are negotiated on behalf of municipalities — and also the school district — by Dukes County. The county negotiated a price of $4.039 per gallon for oil back in July.

Last year the price was $3.54, Ms. Tierney said.

The high school and up-Island school district consume approximately 36,000 gallons of fuel on an annual basis.

At the meeting Ms. Tierney said she would contact county manager Russell Smith to see if any renegotiation might take place in light of a recent dip in fuel costs.

In other news, a wastewater project for the high school spearheaded by Mr. Weiss with a working price tag of $1.5 million may be in line for a revival. Mr. Weiss secured approval from the committee to apply for funding from the rural development program for the proposed sewer line that would link the high school with the Oak Bluffs wastewater treatment facility. Mr. Weiss said the program offers a grant that would cover 40 per cent of the cost with a loan for the remaining cost.

The sewer line would stand to benefit several organizations near the high school on the Edgartown-Vineyard Haven Road, including the multimillion dollar YMCA building project across the road.

However no formal indication of funding assistance has been made by the Y or the other organizations.

The project was written into drafts of several annual town meeting budgets last year, only to be taken off the table when town finance leaders balked at the $1.5 million price tag. Mr. Weiss said the grant may help boost the project.

The school septic system is currently operating at or over capacity. At the meeting, Mr. Baynes pointed out that stringent new state plumbing codes may require extra toilet facilities out at the playing fields.

“We’re going to be forced to do something,” said Mr. Weiss.

The 2008 public schools census, conducted Oct. 1, was released this week showing a continuing overall decline in student numbers. Island enrollment continues to decline but the rate has slowed from last year.

At the high school the decline is sharper, while at the elementary school level there is little change in numbers. Total enrollment this year, including the 179 students enrolled at the Martha’s Vineyard Public Charter School, is 2,260.

The numbers are in line with predictions made by administrators before the start of the school year.

A total of 719 high school students are enrolled this year, down from 766 in 2007. The trend will continue for the next five years before slowing and leveling off at approximately 618 by 2018, according to recent projections by the New England School Development Council.

The numbers present principal Stephen Nixon with the prospect of cutting staff while at the same time coping with the unfunded state mandates for students in the Needs Improvement category by the Massachusetts Comprehensive Assessment System (MCAS). The state system requires that students and parents meet with a guidance counselor and devise a work plan designed to improve their MCAS scores.