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Alcoa board moves $200,000 from extended-day fund into new capital projects account
Summary
The Alcoa City Schools board approved a resolution reallocating funds from the closed Extended Day program: $200,000 will seed a newly created capital projects fund (177) and the remainder will move to the district general purpose fund (141); auditors recommended timing around June 30.
The Alcoa City Schools Board of Education voted unanimously to transfer money from the district’s closed Extended Day fund into two accounts, including creating a new capital projects fund.
At the June meeting, Mr. Shamlin told the board the Extended Day fund has a balance in excess of $400,000 following program closure last year and recommended moving $200,000 into a new fund 177 for capital projects and placing the remaining balance into general purpose fund 141. He said the state fiscal consultant recommended using fund 177 so the district can track capital set-asides separately and that interest earnings would continue to accrue if the money sits idle.
The board approved a resolution to effect the transfers. Shamlin said auditors advised finalizing the accounting around June 30 so interest and exact balances can be calculated; the board’s motion specified $200,000 to fund 177 and left the precise remainder to be transferred to fund 141 at fiscal-year close.
Why it matters: The move earmarks district-held cash from a discontinued program for capital needs and general operations rather than leaving those dollars in a program that no longer runs. Board members asked procedural questions and then voted to approve the resolution.
The board approved the resolution without recorded dissent. The district will report the exact remainder amount after June 30, per the auditor guidance.
