2020-2021 Reserve Fund Plans and Priorities
- Purchase three (3) 66-passenger buses for $392,372 using funds from the Capital Reserve for Buses as authorized by the voters in May 2022. Consider the purchase of a smaller student transportations vehicle purchase.
- Fund existing reserves where additional liabilities are found
- Fund the retirement reserves in anticipation of increased mandatory contributions in coming years as a result of general economic climate
- Fund Reserve for Retirement Contributions (ERS Reserve) at the level of four years of average annual ERS contribution.
- Fund the Reserve for Retirement Contributions TRS at the maximum level allowed (2% of TRS salaries).
- Fund the Unemployment Insurance Reserve at 3% of total payroll
- Fund the Workers’ Compensation Reserve with an additional 5 years’ worth with a planned use of the funds over the next 5-7 years
- Fund the Capital Reserve for Constructions (2022) to the maximum level of $3,000,000, with the funds to be used for maintenance and repairs
- Continue on-going review of reserve funds, funding reserves to protect the district against future liabilities, both known and unknown.
- Use Fund balance to offset the local share of capital expenses to stabilize the tax cap.