Board approves $135,830.66 transfer from building fund to operating fund to cover equipment and vehicles

The Gravette School District Board of Education voted to transfer $135,830.66 from the district’s building fund into the operating fund to cover equipment and vehicle purchases recorded in fiscal 2023–24.

Board members discussed auditor feedback that equipment and some transportation purchases had been coded to the building fund and recommended reconciling the accounting entries so the operating fund reflects those expenditures. A board member moved the transfer “to fund the purchase of certain equipment and vehicles purchased in fiscal 2023–24” and said, “These assets are shown in exhibit A and total $135,830.66.” The motion was seconded and approved by voice vote.

Administrators said the district filed its annual financial report at the end of August and that auditors raised coding questions about two account lines for equipment and vehicles. Staff explained they have authority to move funds but sought explicit board direction to ensure clarity for auditors and future reporting. The superintendent and business official said the transfers will be documented and reconciled in the ledger; the business administrator said an updated reconciliation for 2023–24 will be provided to the board.

Board members also reviewed broader budget conditions, saying the district’s expenditures currently exceed revenues but that large property‑tax payments are expected to improve cash flow. The board signaled it will account for recurring property‑tax rollbacks in future budget planning.

The transfer was framed by the board as an accounting fix rather than new spending; the board took the vote and approved the reclassification. The board also approved the monthly financial report in a separate voice vote at the same meeting.