Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Capital Fund Creation topic
No spam. Unsubscribe anytime.
Middletown board creates 070 capital improvement fund to protect projects amid federal uncertainty
Summary
The board approved creating a capital project fund (070) to hold money for specific capital uses while federal ESSER funding remains uncertain; staff proposed transferring funds into the new account to pay for items such as Bardin Stadium work, new fuel tanks and book purchases if needed.
The Middletown City School Board approved a new capital improvement fund, labeled 070, April 28 to set aside dollars for specific capital projects while federal reimbursement remains uncertain.
Treasurer Randy Bertram told the board the district is planning the fund to isolate capital expenditures and avoid misrepresenting grant‑funded spending in other accounts. He said the fund would make it easier to move local or district funds into a designated capital account and then reimburse that account if federal or state grants are reinstated.
Bertram outlined likely early uses for the fund: the district still has roughly $5.6 million of ESSER‑designated transportation spending that is on hold, and he proposed holding or allocating dollars for projects that must continue if a federal hold persists. He cited examples including $750,000 for Bardin Stadium work, an estimated $80,000–$100,000 for replacement fuel tanks the district must purchase to meet approval, and about $250,000 for student materials. He said staff could also transfer smaller amounts from the PI (permanent improvement) fund or from a penny of the general fund if needed.
Board action: The board voted to create the 070 capital fund and authorized staff to transfer funds into it if required; staff said they would not spend the new fund on items unless required and would report back to the board if the federal situation changes.
Ending: The board approved the fund to preserve the district’s ability to continue essential capital work while limiting accounting confusion and to maintain a clear audit trail for later reimbursements.
