Frontier Central School's reserve monies strengthened
Saturday September 7, 2013 | By:Steve Dlugosz | News
FRONTIER — Transferring more than $1.5 million from the area of worker’s compensation to fund balance/reserves is a move that Frontier Central School District officials said they believe will help replenish “rainy day” monies for future fiscal budgets.
The action item, which included transferring $1,561,790 from Frontier’s worker’s compensation fund to the fund balance reserves trough in the general fund budget, took place during the Aug. 29 special meeting of the Frontier Central School Board.
The resolution was approved by a vote of 6 – 1, as Board Member Lynn Szalkowski cast the lone dissenting vote.
Interim District Superintendent Paul Hashem said that the move did not adversely affect the area of worker’s compensation, because it was a line item shift.
The approximately $1.5 million in funds that were transferred represented unexpended balances resulting from the 2012 – 2013 academic year. Such monies were explained as having to be moved within 60 days from the end of the school year, which was June 30.
Hashem added that aforementioned transferring of monies has taken place the last three years in the district, with the most recent move strengthening Frontier’s fund balance, entering the 2014 – 2015 academic year.
Recent state mandates, including the shrinking of the tax cap levy from 2 – 1.66 percent, were described as adversely affecting the district’s sources of revenue. Frontier’s interim superintendent said that he believed that maintaining current important resources such as teaching staff is paramount to district needs.
“Our goal is to get through this year and stop the bleeding with layoffs,” Hashem told The Sun. “[Maintaining current resources is] for people in programs to remain in place. It betters the school environment and the overall community.”
The board of education had allocated fund balance/reserve monies during fiscal budget years for 2011 – 2012, 2012 – 2013 and 2013 – 2014, to offset the implementation of tax cap legislation, lesser state aid amounts received and other financial challenges.
Various cuts had been made to the areas of teaching and staff, although some of those positions had been brought back from preferred eligibility lists.
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