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Committee reviews $2.7M interfund transfers to shore up transportation fund and outlines FY2027 budget timeline
Summary
Staff told the Finance & Facilities Committee it will present two resolutions to transfer $1.35M each from the working cash and education funds into the transportation fund (total $2.7M) to address a depleted transportation fund balance; tentative FY2027 budget is roughly 95% complete and staff plans a board review in late June.
District finance staff briefed the Finance & Facilities Committee on budget items that the administration will send to the full board for action.
Transfers to transportation fund: Staff presented an amended FY2026 budget that includes two transfer resolutions: an interest‑earnings transfer from working cash and an interfund transfer from the education fund, each described in the meeting as $1,350,000, totaling $2,700,000 to replenish the transportation fund. Staff said the interfund transfer requires public notice and will be published in the local paper ahead of a board vote. The transfers were characterized in the meeting as balance‑sheet moves intended to prevent the transportation fund from running a negative cash balance and needing to borrow from other funds without board authorization.
Drivers and context: Staff and board members discussed transportation cost pressures (higher expenditures, lower state funding) and said peer districts face similar strains. Staff emphasized the transfers are not new recurring expenses but shifts among funds to ensure day‑to‑day transactions clear without interfund borrowing; the district will reassess allocations during the final fall budget process.
Tentative FY2027 budget schedule: Finance staff said the tentative FY2027 budget is approximately 95% complete, built from department templates with detailed line items. Staff said they plan to present the tentative budget to the Finance & Facilities committee in June and to the full board for adoption on June 25 (tentative), with federal grants and final actuals layered into the final budget later in the cycle.
Treasurer’s bond renewal: Staff reported the district must submit the treasurer’s bond to the Regional Office of Education by June 15. In the meeting staff said the district will carry a bond amount of $12,750,000 tied to an anticipated highest cash point; staff will present the necessary resolution to the board for approval.
Vote and procedural items: Earlier in the meeting the committee approved the April 13, 2026 minutes by roll call with three ayes (Waters, Fisher, Missa). Several housekeeping items (designation of interest earnings, depositories) were noted as annual items staff will bring forward in the coming board packet.
Quote: Josh Stevens, chief financial officer: "So it'll it is just coming out of our, operation maintenance fund. It's part of a normal capital renovation project." (spoken in the meeting).
Ending: Staff will publish required notices, finalize the transfer resolutions and bring them and the tentative FY2027 budget to the board per the timeline described in the meeting.
