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Board votes to keep solar reimbursement in general fund for flexibility
Summary
Board approved retaining 30% Solar for Schools reimbursements in the general fund to preserve flexibility and avoid potential arbitrage rebate exposure if returned to the bond fund; staff said reimbursements arrive as contractor progress payments are submitted to DCED.
The Haverford Township School District board approved a motion to reinvest solar reimbursement payments into the district's general fund, giving the board flexibility to assign the funds later to capital projects or unassigned balance as needed. Staff said the reimbursements (roughly 30% under the Solar for Schools grant) arrive after the contractor submits progress payments and the district submits reimbursement requests to DCED.
"The recommendation really to provide the board with the most flexibility was to retain those funds in the general fund," a district staff presenter said, noting the alternatives — returning funds to the bond fund, which could trigger an arbitrage rebate liability, or placing reimbursed money in the capital reserve fund where it would be restricted for capital use. Board members asked about timing; staff responded DCED has been quick with turnarounds and reimbursements are processed as projects submit progress payments.
