Fort Edward business office reports $4.15M fund balance, plans transfers to manage reserves

The Fort Edward Union Free School District business office reported a fund balance of $4,147,753.99 as of Aug. 2, 2024, and outlined steps to move funds into reserves and capital accounts to avoid exceeding the state's 4% threshold that could trigger reductions in foundation aid.

“We actually have a total fund balance as of 08/02/2024 of $4,147,753.99,” the business office presenter said. Staff said they have already transferred $1.2 million to the capital project fund, pushed $100,000 to capital outlay, and proposed adding $300,000 to a transportation and maintenance reserve to support future bus purchases rather than leasing.

The office also listed anticipated incoming revenues (ESSER, boiler reimbursement, BOCES aid, general aid and other streams) totaling roughly $2.286 million and said those funds factor into the timing of transfers.

Staff explained the reason for the transfers: maintaining a fund balance above 4% risks state action to reduce foundation aid. To manage that, the business office plans targeted transfers into funds that are allowable and, in some cases, usable as cash for unexpected costs.

Other budget notes: the external audit was reported as about 89% complete and the district has engaged Questar 3 for asset-management services ahead of an industrial appraisal. The presenter also briefed the board on STAR reimbursement timing and a tax-rate figure cited during the meeting (18.61346 per $1,000 of assessed value); staff provided an example translating that rate into dollars for property owners.