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Finance staff seeks budget ordinance amendments to shore up insurance reserves
Summary
Susan Peterson asked the board to amend the FY2024–25 budget ordinance to transfer $1 million from payroll lapse into the insurance fund and to appropriate $191,005.24 into minor capital reserves to shore up health insurance reserves; she also explained functional-to-departmental reporting differences required by the Board of Supervisors.
Susan Peterson presented proposed amendments to the Roanoke County Public Schools FY2024–25 budget ordinance and an explanation of insurance-related short-term strategies at the Feb. 10 work session.
Peterson said two short-term strategies to shore up the division’s health-insurance reserves include transferring $1,000,000 from payroll lapse into the insurance fund and allocating $191,005.24 into minor capital reserves. "One was to go ahead and transfer a million dollars from payroll laps into the insurance fund and the other was just a minor capital shore up and that's to allocate a hundred $91,005.24 into minor capital reserves," she said.
The nut graf: the requested ordinance changes are intended to ensure the division’s insurance reserves remain solvent through the fiscal year and to align reported functional categories with how the division operates by department, which sometimes requires intra-fund adjustments to remain compliant with Board of Supervisors reporting.
Peterson explained the division reports expenditures by department but the board of supervisors approves budgets by functional category; the request moves funds between categories so external reporting aligns with the adopted ordinance. She said the requests will be brought to the board of supervisors after appearing on the school board’s consent agenda.
Ending: Board members asked about workload and details of the adjustments; Peterson said she would provide backup and present the requests on the consent agenda and then to the board of supervisors for approval.
