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Board formalizes emergency reserve fund policy, sets $5 million pool
Summary
The board approved a policy update formalizing administration of two emergency reserve pools (emergency and hazardous materials mitigation) totaling $5 million and clarifying eligibility, cost‑sharing and roles for accessing funds.
The State Board formalized its procedures for two capital emergency reserve pools by approving Resolution 26‑0‑6‑27. Gerald (staff) described the two pools: an emergency pool for unanticipated capital failures (water lines, roofs, elevators) and a hazardous materials mitigation pool for discoveries such as asbestos or mold discovered after projects begin. The pools total $5,000,000 for the biennium — $3,000,000 for the emergency pool and $2,000,000 for hazardous materials mitigation.
Staff told the board the policy clarifies definitions of emergency, eligibility criteria, cost‑sharing expectations (including a required deductible for colleges to access the emergency funds), and the roles of colleges, the state board and the Department of Enterprise Services in procurement and administration. The update formalizes long‑standing administrative procedures that previously lived outside the policy manual.
The board moved, seconded and approved the resolution without recorded opposition.
