Board approves $4.5 million transfer from reserve to cover AB 218 settlement
The board approved Resolution 2607 to move $4,500,000 from Fund 17 (special reserve) to the general fund to process an AB 218 settlement stemming from a claim dating to the 1970s. Staff said it is a one-time transfer and that the district is pursuing possible insurance recovery; Fund 17 would remain near $20 million after the payout.
The full story
The Laguna Beach Unified School District Board on July 9 approved a resolution to transfer $4,500,000 from the district’s special reserve (Fund 17) to the General Fund to pay a civil settlement tied to claims authorized under Assembly Bill 218.
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