The Greater New Bedford Regional Vocational Technical High School District Committee voted Nov. 10 to approve amendments to the SMEC Capital Reserve account policy that change wording and raise the policy's stated maximum balance to $2,000,000.

Chairperson introduced the item and noted that Catherine Cooper from SMEC would be present to answer questions. Catherine Cooper explained the proposed changes, saying the policy needs a stated maximum balance and that the collaborative is not currently seeking funds. "We're looking to amend the maximum balance on our capital reserve account policy to $2,000,000," she said. "That doesn't mean we're asking for money. It just, we want to be able to have a place to put it in the event that we, are able to do that." She also said the language was clarified around possible funding sources and that the policy now adds the ability to "acquire new facilities," not just "repair and maintain."

Committee members asked about governance of expenditures. Cooper said the 10 member-district school committee members vote both to put money into the account and to authorize expenditures. "They also vote to put money into the account," she said. "So money coming in or going out all goes to the board."

A motion to accept the SMEC Capital Reserve account policy as submitted was made and seconded and the motion passed on a voice vote.

Why it matters: The policy change allows the collaborative to hold larger sums in a designated reserve for future capital work or facility acquisition. Committee members and SMEC representatives framed the change as a housekeeping policy amendment to prepare for potential facilities funding; Cooper emphasized that the change does not represent an immediate transfer of funds.

Provenance: Topic introduced at SEG 024 and concluded at SEG 106.