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Bexley Board moves roughly $2.6 million into capital projects fund to manage state budget threshold
Summary
The board approved a resolution creating a capital projects fund and a transfer of about $2.6 million from the general fund into the new fund to cover upkeep and keep the district under a 40% state threshold; board members asked clarifying questions about fund codes and severance liabilities.
A staff member (Staff member) outlined a resolution to establish a capital projects fund (fund 070) and explained that the district plans to transfer about $2,600,000 from the general fund into the new capital improvements fund.
“This is just, I would say, more typical day to day expenditures just, accounting wise in a different way,” the staff member said, explaining the transfer covers expected upkeep and repair costs flagged in a 2024 facility assessment.
The staff member said the transfer is also intended to keep the district under a 40% threshold that the state could use to call back general-fund dollars if the threshold is exceeded. The staff member described the 40% measure as applied annually while noting county auditors had not clarified exactly which line items the state will count.
Board members pressed for detail on related transfers. One member asked whether a $124,500 transfer from the theater fund was typical; the staff member explained the accounting difference between fund codes (200-designated student activity vs. 300-adult-run activity) and said the transfer shifts money from a student activity fund to an adult-run program, which requires board approval.
On severance liabilities, the staff member said the district has carried a severance fund for several years and that projected severance liabilities are more than $2,000,000 and may approach $3,000,000 by year-end; the staff member said the transfer strategy was designed to protect the district’s calculation for the state threshold.
The board moved and recorded voice votes to approve the related consent items and the resolution. The transcript records aye votes from two board participants during the roll-call voice votes.
What the board approved: establishment of a capital projects fund (070), the attached exhibits tying approximately $2,600,000 to the five-year forecast, and routine transfers and advances for closeout accounting. The meeting record does not show a complete line-by-line roll call for each vote in the transcript; recorded verbal ayes were entered for the motions on the record.
Next steps: the district will implement the transfers and proceed with facility and maintenance work funded from the capital improvements fund; county auditors and the state may still clarify how they will calculate the 40% threshold.
