Board approves $503,539 year-end transfer into special education fund
Summary
The board approved transferring remaining supplemental general fund budget authority of $503,539.46 into the special education fund to cover expenses until special education funding is received in October.
The Derby Board of Education approved a year-end transfer on June 23, moving $503,539.46 of remaining supplemental general fund budget authority into the special education fund to cover anticipated expenses before state special education funding is received in October.
Pam Kelly, director of finance, said the transfer will leave the district with a beginning special education fund balance of $1,330,596.46 for the coming fiscal year, a reduction of $813,711 from the prior beginning balance. She noted average spending in the fund from July 1 through October is approximately $2,600,000 and that the general fund may need to assist with expenses before reimbursements arrive.
Kelly also noted two factors that reduced available transfers: a board-approved food service subsidy of approximately $230,000 that required an additional loan of $164,344.45 to food service, and timing effects from the district’s new payroll software which caused a July 3 payroll to be paid on June 30.
The motion to transfer the funds passed unanimously, 7-0.
