Board approves 2024-25 reserve transfers after June treasurer—report; auditors reviewing year-end
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Summary
The board voted to approve June financial reports and reserve transfers to close out 2024-25, including pre-approval to use $1.5 million from ERS and TRS reserves in 2025-26 as documented for audit.
The Webster School District board approved the June treasurer—report and authorized final reserve transfers to close out the 2024-25 fiscal year, including documentation tied to planned 2025-26 reserve use.
The treasurer—presented the June report and noted a predictable year-end expenditure jump tied to 10-month employees—who elected lump-sum payments paid June 30. He said district auditors were reviewing the full 12-month close and numbers could change when the audit is complete.
Staff asked the board to approve transfers into specific reserves for the 2024-25 closeout and to pre-approve the use in 2025-26 of $1,500,000 from each the ERS and TRS reserves. "I know it seems kinda counterintuitive... The comptroller says we have to. They have to have this documentation," the presenter told the board, explaining funds can be recorded into reserves and then used as required by audit guidance.
Motion and vote: Carol moved to approve the June 25 treasurer's report and the final reserve transfers; Jeff seconded. Motions carried on voice votes: all present said "Aye."