Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Education Funding topic
No spam. Unsubscribe anytime.
Town approves transfers totaling $214,209 to Board of Education capital reserve
Summary
The meeting authorized transfers of $51,164 (FY2023 surplus) and $163,045 (FY2024 surplus) from the general fund to the Board of Education capital reserve fund consistent with board policy limiting transfers to 2% of operating budget.
The legislative body approved two transfers to the Board of Education Capital Reserve Fund totaling $214,209: $51,164 to appropriate a fiscal year 2023 surplus and $163,045 to appropriate a fiscal year 2024 surplus.
A town finance speaker explained this is a routine Board of Finance practice: unspent Board of Education operating funds are moved into the capital reserve fund, subject to a limit of 2% of the operating budget; any remainder beyond that 2% is placed in the unassigned fund balance. Officials said the FY2023 transfer was delayed because the audit was not completed in time.
Both motions were approved by voice vote.
