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Avon board authorizes reserve transfers and $150,000 local contribution to capital project
Summary
The board approved a revision authorizing transfers of up to $2,309,000 among reserves and separately approved a $150,000 transfer from undesignated fund balance to reduce borrowing on a $6.9M capital project; both motions carried 5-0.
The board approved revised June 24 minutes that include a resolution authorizing transfers of up to $2,309,000 from unallocated fund balance to specified reserves: up to $155,000 to the TRS Reserve, $274,000 for approved bus purchases, up to $1,130,000 to the 2021 Building Capital Reserve and up to $750,000 to the 2024 Bus Reserve; approximately $5,000 may be transferred from the Unemployment Reserve to cover claims.
Separately, the board authorized transferring $150,000 of undesignated fund balance to the district's $6.9 million capital project in lieu of issuing additional debt, a move the board said will reduce borrowing costs by lowering the amount to be financed. Both motions passed unanimously (5 Ayes, 0 Nays).
