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City Council appropriated $335 million to New London Board of Education; committee to review a proposed General Fund increase
Summary
CFO Rob Funk told the Finance & Audit Committee the City Council appropriated an additional $335 million on Jan. 16 that will allow the Board to increase the General Fund; the committee approved routine motions 3-0 and expects a proposed budget at its April meeting.
The New London Board of Education Finance & Audit Committee heard March 25 that the City Council appropriated an additional $335 million to the Board, Finance & Audit Committee Chair Elaine Maynard-Adams said at the meeting.
Rob Funk, the district’s chief financial officer, told the committee the appropriation was made Jan. 16 and reflects the City’s anticipation of a reduction in ECS; Funk said that change reduced the amount that would have been routed to the Board through the Alliance grant and that the City agreed to appropriate those funds to the Board. He said a proposed budget that will increase the General Fund will be brought to the committee at its April meeting.
The committee also handled routine financial business. It approved the Feb. 26, 2024 minutes on a motion by Susan Hambey, seconded by Alisha Blake (motion carried, 3-0). The committee reviewed the monthly financial report, which Funk said is available upon request, and approved line item transfers on a motion by Chair Maynard-Adams, seconded by Hambey (motion carried, 3-0). The meeting adjourned at 6:25 p.m. after a motion by Blake, seconded by Hambey (motion carried, 3-0).
Next steps: committee members will review the proposed budget increase at the April Finance & Audit Committee meeting when the district brings forward updated budget materials.
