Board accepts audited financials, approves transfers to capital and teacher retirement reserves

The Victor Central School District Board of Education accepted audited financial statements for the fiscal year ending June 30, 2025, and approved two reserve funding resolutions at its Oct. 16 meeting.

Christine Griffin, Assistant Superintendent for Business, summarized the audit and told the board that the district finished fiscal 2024–25 “on a strong note” with an overall operational result of about $6.0 million and an unappropriated fund balance of $4.39 million. Griffin said the board had appropriated $3.6 million from that fund balance toward the 2025–26 budget, leaving approximately $2.1 million that staff recommended be allocated to reserves.

To bolster long-term fiscal stability, Griffin recommended two actions on the consent agenda: funding the 2024 capital reserve up to a maximum of $1,463,249 and transferring $690,197 to the teacher retirement reserve to increase non‑capital reserves. She said these steps were intended to reduce future borrowing and to cover potential increases in future required contributions and health-insurance cost volatility; Griffin noted a projected roughly 15% increase in health insurance premiums for the coming year.

A motion to accept the consent items, which included the audited financial statements and the two reserve resolutions, was moved, seconded and approved by voice vote. The board also approved accepting donations to programs including a Square One art fundraiser that benefits district enrichment programs.

Griffin said the district will review its overall reserve plan at the November board meeting and continue monitoring 2025–26 budget performance to reduce reliance on fund balance.

Votes: The financial items and related consent agenda items were approved by voice vote ('Aye'); the meeting record shows the motions carried but does not record a roll-call tally in the transcript.