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Board approves fund-balance recommendations, allocates reserves as 2024–25 books close
Summary
The Greece Central School District Board of Education unanimously approved fund-balance and reserve recommendations Tuesday as administrators finalize the 2024–25 financial close.
The Greece Central School District Board of Education unanimously approved fund-balance and reserve recommendations Tuesday as the district closes the 2024–25 fiscal year.
Assistant Superintendent Romeo Colley told trustees the district uses "up to" amounts in its recommendations because the year-end audit was still in process; the accounting closeout was expected within days. Colley said the district recommends adding approximately $436,000 to unassigned fund balance to reach the statutory 4 percent cap for the upcoming budget cycle.
Colley described several reserve recommendations and rationales: deposit up to $3,000,000 to the workers' compensation reserve (the district is self-insured), deposit up to $3,000,000 to the unemployment reserve (no state maximum), no deposit recommended to the insurance reserve because current balances were judged sufficient for child-victim-act and cyber-attack exposure, and a recommendation to add $10,000,000 to the capital reserve for future approved capital projects. He also recommended reducing the tax certiorari reserve by $563,000 based on recent adjustments, and noted the district’s bus capital reserve is at its $10 million cap and so cannot receive additional deposits.
Colley said current retirement reserves (ERS and TRS) had sufficient balances and that no deposit was recommended to TRS because interest earned placed the reserve at or just over its statutory limit. He reported the total reserve balances, after the recommended moves, would bring the district’s aggregate reserve total to roughly $146,000,000.
Trustees asked about the district’s strategy for using reserves in the event of future state or federal funding reductions; Colley said the reserves are intended for one-time or short-term responses and that the administration and auditors are working on contingency approaches for potential midyear shortfalls.
Vice President Stencil moved approval; Mr. Maloney seconded. The resolution passed 9–0.
