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Board unanimously establishes Fund 52 to track affordable housing project finances
Summary
Steamboat Springs School District No. Re 2 approved Resolution 52 on Jan. 12 to create Fund 52, an accounting fund to receive and spend project-specific revenues for an affordable housing project so those transactions can be included in an amended budget before June 30.
The Steamboat Springs School District board unanimously approved Resolution 52 on Jan. 12 to establish Fund 52, designated for an affordable housing project. Director of Finance and Operations Stephanie Juno told the board a dedicated fund is needed so project revenues and expenditures can be tracked in the chart of accounts and included in the amended budget before the June 30 fiscal year end.
Juno explained that establishing the fund does not require an immediate transfer of dollars; board approval alone creates the accounting structure so the district can include budgeted revenues and expenditures for the project in the upcoming amended budget. She described how Fund 52 would operate similarly to existing special-purpose funds (for example, the district’s food service fund), with clear delineation of revenue and expenses tied to the housing project and, in the future, rent revenues deposited and related expenses paid from that fund.
Board action: Kevin Callahan called for a motion; Jane moved and Leah seconded. Deb Genesta called the vote and recorded unanimous approval: Kevin, Laura, Leah, Kim and Jane voted yes. Juno said the board will vote on the related amended budget at a future meeting and that she will include Fund 52 budget lines in that amended budget.
Provenance: The fund proposal was presented and explained by Stephanie Juno (topicintro: SEG 1554; topfinish: SEG 1624).
