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Board approves major reserve transfers, zeros out EBLAR and moves funds to capital
Summary
The board approved transfers including $139,221 to the Teacher Retirement System reserve, zeroing the Employee Benefit Liability Accrual Reserve (EBLAR), $1,645,904 to Capital Reserve, $1.5 million from Capital Reserve to Capital Fund for the voter-authorized $19.5M project, and $313,061.34 from EBLAR to General Fund to fund separation liabilities.
At its June 3 meeting, the Oxford Academy and Central School District Board of Education authorized multiple reserve and fund transfers to align district finances with the voter-approved capital program and to address accrued liabilities.
Resolutions included transferring $139,221 into the Teacher Retirement System reserve, zeroing out the EBLAR and transferring $313,061.34 from the EBLAR to the General Fund to pay accrued liabilities upon employee separation, moving $1,645,904 into Capital Reserve and transferring $1,500,000 from Capital Reserve to the Capital Fund as the local share of the voter-authorized $19.5 million Capital Improvement Project. Business Manager Erin Gramstad had reviewed reserve balances and "suggested zeroing out that reserve and recreating it."
All transfers were approved by the board (Yes-4, No-0). The actions are intended to fund near-term obligations and to position the district to fund capital work approved by voters.
