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Board moves $33.12 million into insurance reserve, authorizes elementary generator replacements
Summary
Trustees approved transferring $33,120,000 from an insurance liability account into the district’s insurance reserve after auditors recommended reclassifying the funds, and also approved using about $235,000 from an unused capital account to replace emergency generators at three elementary schools.
The Carmel Central School District Board voted Oct. 7 to transfer $33,120,000 from an insurance liability account into the district’s insurance reserve after outside auditors concluded the amount should be treated as an asset rather than a liability.
Acting Superintendent explained that the auditors — a new firm retained by the board — found the previously held liability…
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