Monroe Local board approves $13.6 million in year‑end transfers as state budget uncertainty looms

The Monroe Local Schools Board of Education on June 23 approved a package of year‑end financial moves, including creation of a termination benefits fund and establishment of a $12 million capital reserve fund, as district officials said a pending state budget could force quick changes to how school carryover balances are regulated.

Treasurer Amy Moore told the board the measures were prompted by language in the state budget and a proposed 50% limit on carryover balances that could be applied to school districts. "We don't know which numbers they plan to use," Moore said, explaining the district must move funds now to comply with multiple possible interpretations of the pending rules.

Moore recommended an initial transfer of $1,572,300 into a newly created termination benefits fund to cover accrued compensated absences and severance liabilities and to prepare for an expected increase in retirements. The board also approved establishing the…