Kent City SD approves routine year‑end finance actions, establishes capital projects fund

At its June meeting the Kent City School District Board approved standard fiscal-year closing authorizations, a temporary appropriations resolution for fiscal year 2026 and a resolution to establish a capital projects fund intended to set aside general‑fund resources for building maintenance projects.

Director of Business Services Tim Sawyers reviewed the district’s cash summary and said two recurring funds showed advanced balances: the uniform school supplies fund (positive cash balance of about $90,000 after an advance, otherwise a May deficit of roughly $26,000) and the natatorium (swimming pool) fund (about $70,000 advanced; without that advance May would show nearly a $67,000 negative balance). Sawyers said the district had budgeted a year‑end transfer of $73,500 for the supplies fund and $65,500 for the pool fund but cautioned the pool transfer may be higher because the pool is closed for renovations this year.

Sawyers also reviewed federal grants and cashflow: some federal grant accounts were showing red balances through May because the district can request federal cash reimbursement only after spending. He said additional cash from the Ohio Department of Education was expected before June 30, but temporary advances from the general fund might be required if state reimbursements were delayed. The district budgeted an estimated $50,000 for such advances.

On investments, Sawyers said interest on investments through May exceeded the fiscal 2025 estimate of $1.9 million — year‑to‑date interest was a little over $2,016,000, and a six‑month certificate was maturing in June to add roughly $200,000 more in interest. He noted Star Ohio yields of about 4.46% for May and that the Federal Reserve was widely expected to hold rates after its June meeting.

Sawyers recommended and the board approved a resolution authorizing the treasurer to proceed with fiscal‑year‑end closing and to make the routine transfers and write‑offs necessary to present final figures on June 30. The board also approved a temporary appropriations resolution allowing spending at up to 25% of FY2025 appropriations for the new fiscal year before the September FY2026 appropriation adoption.

Finally, the board approved a resolution to establish a capital projects fund under Ohio law to accumulate up to a specified amount over a period (the board set the concept and parameters tonight); Sawyers said funds would not be transferred immediately but that the resolution places the fund on the district’s financial articles and allows the district to save for maintenance projects for up to 10 years and use general‑fund resources as the source.

All three measures passed on roll call votes with board members recorded as voting yes.