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RSU 22 trustees debate using contingency fund vs. reserves to reduce excess fund balance
Summary
School leaders reviewed audited fund-balance figures, proposed using a standing contingency account instead of several designated reserve accounts, and discussed capital priorities including a replacement central office, playground upgrades and a school safety badge system.
Superintendent Nick Raymond and district staff presented a review of RSU 22's audited fund balance and recommended changes to how the district stores excess funds.
The audit lists a total fund balance of $11,686,751; after subtracting a $3,000,000 carry-forward appropriation and the district's designated reserves, staff calculated an undesignated fund balance of about $7,345,251. State law limits school districts' unallocated balances to 9% of the prior fiscal year; staff said RSU 22's FY24 9% threshold is $3,361,952.42, leaving an overage staff calculated at about $3,983,298.56 that must be the subject of a three‑year spend-down plan if not reduced.
District staff outlined two approaches: continue the current set of designated reserve accounts (capital, athletic facility, technology and others) or stop building some of the designated reserves and rely more on the district's non‑lapsing contingency fund established by warrant (Article 19) under…
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