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Board approves resolution to establish capital projects fund for future asset needs
Summary
Sylvania Schools authorized the creation of a capital projects fund (Fund 070) to accumulate resources for buses, maintenance vehicles, building repairs and other capital expenditures as part of facilities planning.
The Sylvania Schools Board on April 25 approved a resolution to establish a capital projects fund (Fund 070) to accumulate funds for the acquisition and maintenance of capital assets including buses, maintenance vehicles and building repairs.
Board members discussed the fund in the context of the district’s master facilities plan and strategic capital priorities. The superintendent said the fund will allow the district to set aside resources for future capital needs even though no immediate large project was identified at the meeting.
A board member moved and a second was recorded; the motion carried during the meeting. The resolution creates an accounting vehicle that district staff said will be used for planned and emergent capital expenditures and to align with the facilities master plan.
The board did not adopt any specific capital projects at this meeting; the resolution establishes the fund so the district can accumulate resources and more easily track capital expenditures going forward.
