District Retirement Contribution Reserve Sub-fund – TRS
Financing retirement contributions made to the NY State Teachers’ Retirement System. This reserve is used to pay for district expenses to the NYS Teachers’ Retirement System only.
General Municipal Law, Article 2 §6-r
Source of Funds:
The source of funds for this Reserve Sub-Fund shall be:
- such amounts as may be provided therefore by budgetary appropriation or raised by tax therefore;
- such revenues as are not required by law to be paid into any other fund or account;
- such other funds as may be legally appropriated; and
- such amounts as may be transferred from a reserve fund established pursuant to Section 6-c, 6-d, 6-e, 6-f or 6-g of Article 2 of the General Municipal Law, comprised of moneys raised from the same tax base as the moneys in the retirement contribution reserve fund, or a reserve fund established pursuant to Education Law Section 3651, provided that any such transfer shall only be made by Board resolution adopted after a public hearing held on at least 15 days prior notice published in at least one newspaper having general circulation in the District.
Use of Reserve:
Expenditures may only be made pursuant to a board resolution and must be used to finance TRS contributions and/or to offset all or a portion of the amount deducted from the moneys apportioned to the District from the State for the support of schools pursuant to Section 521 of the Education Law.
Use of reserve does not require voter approval.
This reserve was created by BOE resolution on April 17, 2019.
The reserve was not funded when initially created.
Annual contributions to the TRS Reserve Sub-Fund shall not exceed 2% of the total compensation or salaries of all teachers (as that term is defined in Education Law §501) employed by the District who are members of TRS paid during the immediately preceding fiscal year.
The balance of the Reserve Sub-Fund shall not exceed 10% of the total compensation or salaries of all teachers (as that term is defined in Education Law §501) employed by the District who are members of TRS paid during the immediately preceding fiscal year.
2019-2020 TRS Salaries: $9,309,457
2% Limit: $186,189 10% Limit: $930,946
Use funds to offset annual TRS expenses beginning in 2022-23.
Balance at June 30, 2021: