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Board authorizes potential transfer of FY25 unexpended education funds into non-lapsing account
Summary
The New London Board of Education voted unanimously to authorize, in advance of the FY25 audit, depositing any unexpended FY25 education appropriation into a non-lapsing account under Conn. Gen. Stat. § 10-248a, up to the lesser of the audited unexpended amount or 2% of the education appropriation.
President Elaine Maynard-Adams moved, and Scott Garbini seconded, a motion that the board authorize, pursuant to Section 10-248a of the Connecticut General Statutes, the deposit of any unexpended funds from the FY25 education appropriation into a non-lapsing account. The motion covers the amount equal to the lesser of the audited unexpended funds or two percent of the FY25 education appropriation. "He stated that legislation was passed which allows for unexpended education funds to be put into a nonlapsing fund," CFO Rob Funk explained as he briefed members on the policy and its effect on the district's fund balance.
Funk told the board the final FY25 audited figure is not yet available but staff anticipate the balance could approach the two-percent cap; the board passed the resolution in advance to enable the transfer when the audit is completed. The motion carried, 7-0. The action directs that funds deposited into the non-lapsing account be expended only for educational purposes and that each expenditure be authorized by the board.
