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Franklin Lakes board approves $4.6 million bills list, authorizes transfers to reserves
Summary
At its June 17 meeting the Franklin Lakes Board of Education approved May and June payment lists totaling more than $7.7 million and authorized the business administrator to transfer up to $1.5 million to a capital reserve and up to $1 million to a maintenance reserve, subject to audit.
The Franklin Lakes Board of Education on June 17 approved its bills lists for May and June and authorized large transfers of the district’s anticipated surplus into reserve accounts.
By consent the board approved a bills list for May 2025 totaling $4,617,924.98 and a June check register of $3,111,566.90, and approved May actual payroll of $2,163,507.49 and an estimated June payroll of $2,200,000. The consent agenda motion was made by Board member Scott Loia and seconded by Carolina Severino and passed on the consent vote recorded by the board.
Separately, under Resolution No. 1749 and citing N.J.A.C. 6A:23A-14.3a, the board authorized the Business Administrator to transfer anticipated current-year surplus into reserve accounts at year end: up to $1,500,000 into the district Capital Reserve and up to $1,000,000 into the Maintenance Reserve, both subject to verification during the district audit and the statutory limits set by the district’s long-range facility plan and the annual M-1 worksheet.
The board’s roll-call on the overall consent agenda recorded eight yes votes and zero no votes for the bulk packet. Two personnel items were recorded separately (Resolutions 1761 and 1770) and each drew a 6–2 vote (Ms. Carolina Severino and Mr. Scott Loia opposed).
Board materials state the surplus transfers are intended to preserve funds for future capital and maintenance needs while complying with state procedure; the authorization directs the Business Administrator to complete transfers consistent with state law after audit verification.
The board meets next on July 15, 2025 at 7:00 p.m.
