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Caledonia-Mumford board creates BOSEIS capital fund, authorizes up to $600,000 transfer
Summary
The school board established a BOSEIS capital fund representing the district’s share of a multi-district BOSEIS project and approved authorizing up to $600,000 in a first transfer from general fund balance to cover the local share pending project vote and aid reimbursement.
The Caledonia-Mumford Central School District board voted June 9 to create a BOSEIS capital fund for the district’s share of a regional BOSEIS capital project and authorized up to $600,000 in an initial transfer from the general fund to support the local payment. The fund was established in the amount of $1,721,173, reflecting the district’s share under the intermunicipal agreement discussed earlier in the process, and the transfer resolution was presented as the likely first payment pending the BOSEIS vote.
Superintendent Rebecca Chanel said the district expects state aid to reimburse local payments within the same year and discussed options for cash-flow management, including the potential to bond the local share. “We are going back to the language of the IMA,” she said, noting that the published figure includes a purchase that BOSEIS later decided not to complete and that the district’s local share has been reduced accordingly.
Board members emphasized that the up-to-$600,000 transfer is conditional on the BOSEIS vote and that funds would be returned to district reserves if the BOSEIS vote failed. The board discussed timing of aid reimbursements and the tradeoffs between paying cash now versus issuing debt to cover its share.
The resolution passed after routine discussion; the board also approved related reserve transfers intended to shore up capital and vehicle/equipment reserves while preserving options for funding the BOSEIS commitment.
What happens next: the board said it will return in July with a resolution addressing whether to bond or use cash for the local share and with more detailed cash-flow projections tied to the district’s reserve strategy. If the BOSEIS vote is unsuccessful, the district stated the transfer authorization will not result in funds being disbursed and any monies set aside could be reallocated to other reserves.
