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School committee authorizes FY-26 close-out transfers and borrowing under state law
Summary
The committee authorized the business manager to make transfers needed to close fiscal year 2026 and approved a motion allowing the district treasurer to borrow in anticipation of revenues for the fiscal year beginning July 1, 2026, under Massachusetts General Law chapters cited in the motion.
At the June 11 meeting the Quabbin Regional School District committee approved two finance motions to close out fiscal year 2026 and ensure cash flow for the next year.
The committee authorized the business manager to make transfers necessary to close the FY-26 budget, a procedural motion intended to permit routine accounting adjustments to finalize the year. That motion was moved, seconded and approved on roll call.
The committee also approved a motion authorizing the district treasurer, with the chairman's approval, to borrow from time to time in anticipation of revenues for the fiscal year beginning July 1, 2026, and to issue short-term notes under the authority of Massachusetts General Law (chapter 70, paragraph 6 16, as amended, and chapter 44 paragraph 17). The motion was seconded and approved on roll call. Committee members discussed the need to plan for potential federal funding reductions in 2027–28 (Title/IDEA) and the importance of maintaining liquidity through short-term borrowing if necessary.
Both motions passed with roll-call votes recorded in the meeting minutes.
