Murfreesboro board approves $3.1 million transfer to buy Ridgely Road maintenance facility
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Summary
The Murfreesboro City Schools board voted to move $3.1 million from unassigned fund balance toward the purchase of a transportation and maintenance facility at 910 Ridgely Road; total purchase price is $5.25 million, with county and city funds also to contribute.
The Murfreesboro City Schools Board voted Feb. 25 to transfer $3,100,000 from unassigned fund balance to the district’s general purpose fund to finance part of the purchase of a transportation and maintenance facility at 910 Ridgely Road.
The transfer is intended to cover the district’s portion of the purchase price, which the superintendent described as $5,250,000 in total; the remainder will come from county shared bonds and a city contribution. The money will cover purchase, closing costs and building improvements, the superintendent said.
“This amendment recognizes the transfer of $3,100,000 from unassigned fund balance to the general purpose budget portion transportation and maintenance facility at 910 Ridgely Road,” the superintendent said during the meeting. He added that the district’s fund balance will remain above the state’s 3% requirement and the board’s 10% goal after the transfer.
Board members moved and seconded the item and the motion carried on a voice vote. The board will bring the purchase and sale agreement to a future meeting, the superintendent said, and the amendment was designed to place funds where needed so the district can complete the purchase when the agreement is ready.
No additional conditions or amendments were recorded in the meeting discussion.