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Administration to ask board next week to transfer $2.45 million into capital reserve
Summary
Administration told the board it will ask for approval on Jan. 16 to transfer $2,450,000 into the capital reserve—$2,000,000 representing excess state funding above budget expectations and $450,000 planned capital funding.
District finance staff told the board Jan. 9 that on Jan. 16 they will ask the board to approve a transfer of $2,450,000 into the district’s capital reserve fund. The package includes $2,000,000 that the district says arrived from the state above initial budget expectations for 2024–25 and $450,000 that had been planned for capital reserve funding.
Staff said the timing aligns with prior budget discussions and with anticipated excess debt funds produced in part by the district’s recent refinancing. The presentation indicated about $1,000,000 of excess debt funds are available in the current year and that another potential transfer of roughly $2,000,000 could be considered in June, contingent on final accounting and project timing.
No vote was taken on Jan. 9; staff confirmed the transfer request will appear on the Jan. 16 agenda for board action.
