Board authorizes finance committee to make small in‑year transfers under Title 20‑A for FY26
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Summary
The RSU 5 board on June 4 authorized the finance committee to transfer up to 5% between cost centers in the FY26 operating budget under the statute cited, allowing the committee to manage routine year‑end adjustments without convening the full board.
The RSU 5 Board of Directors voted June 4 to authorize the finance committee to transfer, on behalf of the board, up to 5% of the total appropriation for any cost center to another cost center in the fiscal‑year 2026 operating budget, consistent with the statute cited during the meeting.
An administrator explained that the authorization is an annual item on the warrant and allows the finance committee to make less‑than‑5% transfers between budget articles without a full‑board vote; transfers above that threshold would still require board action at a regular or special meeting.
Why it matters: The authority expedites ordinary budget adjustments (for example, to cover higher‑than‑expected transportation repairs or to move encumbrances between articles) while preserving board oversight for larger changes.
Meeting details
- The motion appeared on the warrant as a routine annual authorization under the cited statutory provision and passed on a voice vote with no recorded opposition.
- Administrators noted the district currently anticipates some transportation repair costs and may use the finance committee process to move funds between articles before the fiscal year close; any such transfers will be reported in committee minutes.
Implementation
The finance committee will act under the authorization during FY26 and report any transfers in its minutes to the board. Transfers in excess of the 5% statutory limit would require board approval.