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Board authorizes transfers from education fund to operations and rainy day funds
Summary
Trustees approved authorizations to transfer up to $1.3 million (or 15% of the education fund) to operations and up to $50,000 to the rainy day fund; both resolutions passed by voice vote at the Jan. 6 meeting.
At its Jan. 6 meeting, the Smith-Green Community Schools board authorized two budget transfers designed to support daily operations and reserve funds.
The board approved a resolution authorizing the treasurer to transfer from the education fund to the operations fund an amount not to exceed $1,300,000 or 15% of the education fund. A mover and seconder offered the resolution and the board approved it by voice vote.
The trustees also approved a continuity transfer into the district's rainy day fund not to exceed $50,000 from the education fund; the board has used similar transfers in prior years as part of a multi-year approach to building reserves. Both measures were presented as routine financial management actions to keep fund balances stable while the district completes curricular purchases and other planned expenditures.
No roll-call vote tally was recorded in the meeting transcript; motions were approved by voice vote. The board directed the treasurer to execute transfers within the stated limits.
