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Committee creates capital reserve accounts, identifies $364,000 in prior reimbursements for school CIP
Summary
Finance staff created separate accounts to hold school CIP funds and prior-year reimbursements; the committee identified $364,000 from 2023–2024 reimbursements and discussed earmarking it for the NES playground.
Ms. Dodson told the Joint Finance Committee on March 26 that two new accounts have been created: one to hold School Division CIP funds and the other to hold prior-year reimbursements. The Treasurer will route identified reimbursements into the new account and the School Division must request transfers to the school CIP for Board of Supervisors approval.
Dr. Anne Curran reported the finance team found $364,000 from 2023–2024 reimbursements that had not previously been claimed. The committee discussed earmarking those funds for the school CIP, with Dr. Anne Curran indicating a suggested use for the NES playground. Ms. Dodson and committee members noted that some reimbursements have expiration dates and that staff is working from oldest to newest claims.
Dr. Karen Leslie said the recovery of prior reimbursements had been spent using local funds in prior years and that making the reimbursements public in finance reports would demonstrate the return of funds to the school system.
