Reserve for Retirement Contributions


This reserve is used to pay for district expenses for the NYS Employee’s Retirement System only. Payments to the Teachers Retirement System are not allowed from this reserve.

Legal Reference:

General Municipal Law, Article 2 §6-1

Account Code:


Source of Funds:

Funds may be placed into this reserve by BOE Resolution. Allowable sources of funds include excess fund balance, budgetary appropriations and other funds that may be legally appropriated or, transfers from the other appropriate reserves pursuant to GML
or Education Law 3651.

Use of Reserve:

Use of funds from this reserve may be authorized by BOE resolution.

Voter approval is not needed to expend funds

A portion of the funds may be transferred to another reserve fund established pursuant to Education Law § 3651 following a public hearing conducted in the manner set forth by in law.


This reserve was established by BOE resolution on December 16, 2010, effective January 3, 2011.

The reserve was re-established by BOE resolution on May 8, 2013 with an effective
date of June 30, 2013.

Funding Level:

This reserve was initially funded at $1,000,000

Ideal Balance:

Approximately 5 years of the past five-year average ERS expenditures.
(5 x $408,000)

Planned Use:

Use funds to pay annual ERS expenses beginning in 2022-23. Further, monies from this reserve, approximately $500,000 will be used to support the 2022-2023 budgetary revenue strategy in order to bring the reserve balance closer to the ideal balance of $2,040,000.

Balance at June 30, 2021: