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Board caucus directs administrators to set aside funds for ACTI and bolster capital reserve after $726,436 audit gain
Summary
At a Jan. 13 caucus meeting, Bermudian Springs administrators reported a $726,436 increase in the final 2023–24 audit and the board gave direction to transfer $250,000 from a tax-index increase to support ACTI and to move roughly $300,000 into the district capital reserve to cover future facility needs.
At a Jan. 13 caucus meeting, Justin (business manager) reported the final 2023–24 audit showed a $726,436 increase to the district’s fund balance and asked the board for direction on how to allocate those funds. The board agreed to move $250,000 from the tax-index increase to support ACTI and to transfer a recommended $300,000 of the audit increase into the capital reserve.
The change follows a presentation from Justin that the district’s audited beginning fund balance for the current school year is $6,543,678 and that a one-time change in reimbursement distribution had temporarily boosted last year’s receipts. “The final audit shows an increase of $726,436,” Justin said, noting earned-income-tax growth and interest revenue as contributors.
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