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Board approves multiple reserve transfers and sets Jan. 8 vote on bus and capital reserves
Summary
Trustees moved to fund retirement, TRS and capital reserves, established property-loss and insurance reserve funds and scheduled a special voter proposition for Jan. 8, 2025, to create bus-purchase and capital project reserve funds.
The Granville Central School District board reviewed and moved forward on a series of financial actions designed to set aside money for future liabilities and capital needs.
Key actions taken: board members moved to transfer $500,000 from unrestricted funds into a retirement reserve; to fund a TRS reserve item ($178,000 noted); and to move $800,000 into capital reserves for construction. The board also read and moved resolutions to establish a property loss reserve funded at $900,000 (effective Nov. 4, 2024) and an insurance reserve funded at $1,500,000 to cover potential loss claims and judgments.
The board discussed cash-flow implications and was told the district remains within policy limits and could access many reserves if needed. Trustees reviewed statutory language authorizing reserves under education law and confirmed publication requirements for a planned special district vote.
Special-vote propositions: the board authorized steps to place two propositions on a special district ballot on Jan. 8, 2025: (1) a bus purchase reserve (not to exceed $5,000,000) and (2) a capital project reserve (also up to $5,000,000). The district clerk was directed to publish notices in local papers according to statutory timelines.
Vote records: the meeting record shows motions were made and seconded and the items were presented for approval; a roll-call tally was not recorded in the transcript excerpt provided.
