FINANCIAL BUSINESS REQUEST (FBR)
Motion/Request:
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MOTION to appropriate and transfer the Board of Education Fiscal Year 2024/2025 audited surplus of $118,629 from unrestricted fund balance to Account #22570101-58250 (BOE Reserve Fund) in accordance with “Resolution Creating a Funding Mechanism for Making Annual Appropriations to a Capital Reserve Fund for the Board of Education” adopted on September 28, 1988.
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Background:
See attached resolutions
Department Comment/Recommendation:
(type text here)
Finance Director Comment/Recommendation:
Account #22570101-58250 (BOE Reserve Fund) as of March 11, 2025 has an unencumbered balance of $39,622. It is my recommendation that these funds be used as a funding source to offset the tax levy portion of the BOE FY 25/26 capital budget once approved.
Mayor Comment/Recommendation:
I concur with the Finance Directors recommendation.