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Board tables reallocation of $608,098 in school capital reserve funds
Summary
The Board of Finance agreed to table action on a Board of Education request to reassign $608,098 from a capital reserve (fund 313) to upcoming school projects until the BOE identifies specific projects.
The Torrington Board of Finance on June 17 considered a Board of Education request to assign $608,098 from a city capital reserve (fund 313) to upcoming school capital projects but voted to table the request until the BOE provides a list of identified projects.
Board of Education and city staff told the finance board that the $608,098 figure was the reconciled balance in the 313 account after reviewing prior project authorizations and actual expenditures going back several years. BOE business staff said the dollar figure is reliable but that the spreadsheet of prior earmarks contained outdated project lines and needed reallocation.
Board members questioned whether to approve the dollar amount now and let the BOE return later with a project list, or to postpone final action until projects are named. After discussion an amendment and then a motion to table prevailed. The board directed city and BOE staff to finalize a list of FY2025-26 capital projects and return to the board of finance for formal assignment.
Why it matters: the funds are already held in the 313 account; formal reassignment or reallocation will determine which school capital projects receive those monies and provide clearer audit trails for past multicyle projects.
Next steps: BOE and city finance staff will prepare and present an itemized proposal identifying projects recommended for the $608,098 at a future Board of Finance meeting.
