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Board discusses state budget delay, approves conditional transfer to capital reserve to protect interest earnings
Summary
Board members and administrators discussed the district’s exposure to a delayed state budget and approved a motion to allow transfer of surplus to the capital reserve upon completion of the 2024–25 audit no later than June 30, 2026 to limit lost interest earnings.
Board members and district finance staff discussed ongoing uncertainty from a delayed state budget and its effect on district interest earnings at the Oct. 16 Delaware Valley School District meeting. The board approved a motion allowing the district to transfer surplus to its capital reserve fund after the 2024–25 audit is complete and no later than June 30, 2026.
Business office staff explained that approving the motion now creates the…
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