Sharon Board of Education establishes reserve fund, approves $90,286.54 FY24 transfer

The Sharon Board of Education voted Thursday to establish a Board of Education Reserve Fund under Public Act 24-45 and approved transferring up to $90,286.54 of the district’s FY24 surplus into the new account.

Superintendent Melony Brady-Shanley explained the change in state law that prompted the action, saying, “Superintendent Brady-Shanley explained the new legislation regarding the Act Concerning Education Mandate Relief, School Discipline and Disconnected Youth §§ 7 & 8 — RESERVE FUNDS. The reserve account is protected by the board needing to make motions to make deposits and expenditures from the account.”

The board approved a motion by Doug Cahill, seconded by Nancy Hegy Martin, to establish and operate the reserve fund pursuant to Public Act 24-45. The motion carried with five votes in favor (Doug Cahill, Anne Vance, Philip O’Reilly, Nancy Hegy Martin and Kathleen Visconti) and one opposed (Plamen Petkov).

The board then voted to authorize account signatories. A motion by Doug Cahill, seconded by Anne Vance, authorized Doug Cahill, as board chair, and Carol Tomkalski, the district principal, as primary signatories and Cindy Webb, board clerk, as an alternate. The motion passed; Plamen Petkov was recorded as abstaining.

Finally, the board approved moving up to $90,286.54, equal to approximately 2% of the FY24 appropriated budget of $4,514,327, into the reserve fund. Philip O’Reilly urged caution before allocating the funds, saying the board “should wait for a final financial report before allocating the money to the Reserve Fund.” The motion to transfer the surplus carried with four in favor (Doug Cahill, Anne Vance, Nancy Hegy Martin, Kathleen Visconti) and two opposed (Philip O’Reilly and Plamen Petkov).

The special meeting adjourned at 4:47 p.m. The minutes were submitted by Cindy Webb, board clerk.