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Oakland board authorizes transfers to reserves, including up to $3 million to Capital Reserve
Summary
The Oakland Board of Education approved year-end transfers that authorize moving up to $3,000,000 to Capital Reserve, up to $500,000 to Maintenance Reserve and up to $100,000 to Emergency Reserve as allowed under NJ law; the board also approved payroll, bills and other finance items.
The Oakland Board of Education on June 9 authorized district officials to transfer unanticipated excess revenue into reserve accounts at year end, including an amount not to exceed $3,000,000 to Capital Reserve, up to $500,000 to Maintenance Reserve and up to $100,000 to an Emergency Reserve.
The action was part of a broader finance motion that approved the May 2026 certified payroll of $2,079,439.04 and a list of bills totaling $4,662,568.62, the Board Secretary’s certification of budget status and monthly financial reports. The board also approved the FY26 ESEA amended application and the acceptance of the Funding for Optimal Comprehensive Universal Screeners (FOCUS) grant for $4,320.
The finance slate was moved and seconded during the meeting and carried on a roll-call vote. The minutes record abstentions on two finance subitems (identified in the minutes as G.2 and G.3); other items carried as recorded in the official minutes. The resolution authorizing transfers cites NJAC provisions and directs the Business Administrator to execute transfers consistent with applicable laws and Commissioner procedures.
Provenance: Agenda and roll-call finance approvals in the minutes (finance items and reserve resolution).
