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New Albany-Plain Local board approves new capital projects fund, moves $500,000
Summary
The New Albany-Plain Local Board of Education voted to establish a 070 capital projects fund and to transfer $500,000 into it as a way to set aside money for long-term campus projects and to provide flexibility beyond the district's permanent improvement fund.
The New Albany-Plain Local Board of Education voted Monday to establish a new fund, 070 (capital projects), and to transfer $500,000 into it as an initial allocation for long-term campus projects.
Treasurer Jenkins told the board the new fund would operate similarly to the district's permanent improvement account but would offer more flexibility to set aside money for specific projects that were not included in the bond package. Jenkins said the fund could be used for items such as bus purchases, curriculum materials, and capital projects identified in the district's campus master plan, and that money could be returned to the general fund if projects were not pursued.
"The 070 capital projects fund is actually similar to permanent improvement, but you have more flexibility," Treasurer Jenkins said during the meeting. He said the district plans to consider additional transfers next month and that the initial transfer would be brought back as a formal transfer at the board's second June meeting.
Board members asked clarifying questions about which projects are eligible and whether listed cost estimates were taken from the campus master plan. Jenkins confirmed the project list was drawn from the master plan and cautioned that costs could increase by the time work is performed.
Board President Kalinowski called for a vote after the treasurer's presentation. The motion to approve the financial report, the five-year forecast submission, and the establishment of fund 070 (including the $500,000 initial transfer) was moved and seconded and carried on a roll call vote.
The board recorded no additional conditions for the transfer; Jenkins said he would return with any recommended additional transfers in June depending on available revenue and project needs.
Background: Jenkins told the board the district's revenues remain slightly above projections, driven largely by interest income, while expenditures are under projections by roughly $3.3 million, primarily because of personnel services, retirement benefits and capital project timing. The new 070 fund is intended to give the district a dedicated, flexible vehicle for multi-year capital needs outside the bond program.
Looking ahead: The treasurer said the district will monitor the capital needs (including the Science Hub and phase 1 elementary projects) and may recommend further transfers as project budgets and funding assumptions evolve.
