Board authorizes moving remaining FY2025 general-fund balance into non‑lapsing account (cap 2%)

Oxford School District finance staff told the board that auditors identified a double-counted rollover between fiscal years 2025 and 2026, and the board approved a motion to move any remaining FY2025 general-fund balance into a non‑lapsing account with a cap of 2% of the FY2025 general fund balance.

A finance staff member explained the sequence: "we had created POs in fiscal year 25. We then created a rollover from fiscal year 25 to fiscal year 26, but we didn't pay them until after June 30 ... so we double counted them." The staff member reported the original rollover amount as "$62,001.90 and 60¢," then said the team found an earlier double entry — a middle school insurance claim of "$31,005.20" — leaving a net remaining balance of "$30,006.70 and 60¢." The auditors, the staff member said, requested a board motion allowing staff to move any small remaining balance if adjustments were necessary before the audit closed.

A board member read a motion to "approve any remaining budget balance from fiscal year 2025 into the non‑lapsing account with total non‑lapsing amount for fiscal year 2025 not to exceed 2% of the total fiscal year 2025 general fund balance." The motion was seconded, put to a vote and carried. Finance staff noted there was no rollover this current year and that the district is already paying current-year obligations, so similar cross-year double-counting should not recur.

The board's vote authorizes staff to reconcile minor audit adjustments by moving residual FY2025 funds into the designated non‑lapsing account up to the stated cap. No specific dollar figure was moved on the record at the meeting; the motion provides authority for staff to act if auditors identify small residual amounts before the audit is finalized.