Reserve for Property Loss (formerly Property Loss and Liability Reserve, Education Law Section 1708(8-c)


To pay for property loss and liability claims incurred by the District.

Legal Reference:

Education Law, §1709, Subdivision 8-c

Account Code:


Source of Funds:

This reserve is funded from Budgetary appropriation, excess fund balance or other funds that may be legally appropriated

Use of Reserve:

Once established funds may not be reduced below amounts needed to cover incurred but unsettled claims other than for payments for which the funds were established.

May be expended without voter approval unless the funds are expended for a purpose other than the one for which it was established.


This reserve was created by BOE resolution on August 15, 2007, effective June 30, 2007.

Funding Level:

This reserve was initially funded at a level of $25,000.

This reserve was replenished and re-funded by BOE resolution on May 8, 2013, effective June 30, 2013. At that time, the reserve was re-funded to a total balance of $500,000

Ideal Balance:

This reserve is limited 3% of the annual budget or $15,000, whichever is greater. (Education Law, §1709, Subdivision 8-c).

Planned Use:

Balance at June 30, 2021: