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Board approves transfer of small special retiree reserve into general fund
Summary
Trustees approved Resolution 24/25-14 to move the district's small special retiree reserve fund balance back into the general fund; district staff said pay-as-you-go retiree benefit costs remain unchanged.
The Lhasa School District Board of Trustees approved Resolution 24/25-14 to transfer the balance of a special retiree reserve fund into the general fund, a procedural consolidation the district described as aligning accounting with its pay-as-you-go approach to retiree benefit payments.
Chief financial presenter (Mr.) Waligandovich told the board the reserve (fund 20) held about $14,000 and earned minimal interest; the district budgets roughly $1,200,000 for retiree benefits annually under its pay-as-you-go practice. Staff said maintaining the small separate fund created unnecessary accounting steps because expenditures must be transferred back to the general fund when paid.
Trustee Vladimir moved and Trustee Stella seconded the resolution. The board took a roll-call vote and the resolution passed unanimously. District staff said the action will close the special fund and transfer the balance to fund 01 (general fund), and that retiree benefit payments will continue under the existing pay-as-you-go method.
No new retiree benefits were approved; the vote was an internal accounting change. The board did not discuss impacts to budgeted retiree benefit spending or long-term prefunding strategies at the meeting.
