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North Canaan board creates Reserve Fund under Public Act 24-45, approves $88,520.74 transfer
Summary
At a special Aug. 1 meeting the North Canaan Board of Education voted 7-0 to establish a Reserve Fund under Public Act 24-45, authorized two primary account signatories (Beth Johnson and Chair Amy Dodge) with Brandey Fogarty as alternate, and approved depositing up to $88,520.74 (2% of the FY24 budget).
Chairperson Amy Dodge called the North Canaan Board of Education to order Aug. 1 and the board unanimously voted to establish a Reserve Fund under Public Act 24-45.
The board voted 7-0 to create the fund after Amy Dodge moved the measure and Christopher Jacques seconded. The motion authorizes the board to operate a Reserve Fund pursuant to Public Act 24-45, Sections 7 and 8.
The board also approved a motion, moved by Dodge and seconded by Stephannie Grant, to designate Beth Johnson and Chairperson Amy Dodge as the primary account signatories for the Reserve Fund and to name Brandey Fogarty as an alternate. The motion passed 7-0.
In a separate motion, the board voted 7-0 to deposit up to $88,520.74 — equal to 2 percent of the board's FY24 appropriated budget of $4,426,036.83 — into the newly created Reserve Fund. That motion was moved by Dodge and seconded by Grant and was approved on a unanimous voice vote.
Beth Johnson (Principal), Superintendent Melony Brady-Shanley, Business Manager Sam Herrick and Executive Secretary Sarah Woloszyn were recorded as present for the special meeting. The session, held virtually, was called to order at 11:01 a.m. and adjourned at 11:07 a.m.
The board minutes record the formal establishment of the Reserve Fund, the authorization of account signatories, and the transfer of the FY24 surplus amount into the fund; no amendments, dissenting votes, or public comment are recorded in the minutes for these items.
