Field Local board creates capital projects fund, authorizes transfer amid proposed state budget cap

The Field Local School District Board of Education on June 30 unanimously approved a resolution to create a capital projects fund (USAS 70) and authorize a transfer from the General Fund to protect earmarked capital resources under a proposed state budget change.

Treasurer Carpenter told the board that a proposed State Budget includes a 40% cap on district cash balances, and that moving designated money into a capital projects fund would preserve funds earmarked for planned additions and improvements. "Due to the current proposed State Budget, with a 40% cap on district's cash balances, a transfer of money from the General fund to the Capital Project fund is proposed for approval," Carpenter said.

The resolution authorizes the creation of the capital projects fund for acquisition, construction, or improvement of fixed assets and directs a transfer consistent with Ohio Revised Code procedures (Exhibit T-5 was provided). The board also approved related fiscal items: financial reports for the period ending May 31, 2025; amended appropriations for FY25; temporary appropriations for FY26; and a cash summary and listed advances/transfers (Exhibits T-1 through T-4). The motion to approve the treasurer consent agenda passed on a 5-0 roll call.

Board members recorded their votes as: Evans—Yes; Stewart—Yes; Porter—Yes; Slaven—Yes; Calcei—Yes. The board also approved payment of an invoice to Summit Educational Service Center for gifted services in the amount of $48,250 (Exhibit T-6).

The capital projects fund was described as a way to accumulate resources for district fixed-asset needs; Exhibit A attached to the resolution lists the projects the district had previously earmarked. No vote counts opposed or abstentions were recorded. The special meeting concluded shortly after these fiscal approvals.