MCS Moves Savings to Two Reserve Funds

MIDDLEBURGH - Middleburgh school board members last week agreed to move $3 million from its fund balance to two reserve accounts. Officials said the transfers could save taxpayers in the future.

School board members Wednesday afternoon agreed to transfer $3 million from the district fund balance (savings) to two capital reserve accounts. After a brief report from school business manager Robyn Bhend, board members approved a transfer of $1.5 million from the fund balance to capital reserves for construction projects and another $1.5 million to capital reserves for buses, electric buses, and charging stations. Ms. Bhend explained that these reserves will help offset the local cost of future capital project work and bus purchases to taxpayers.

The state has required all-electric buses in the future, which much more expensive to purchase than current gas and diesel buses.

Ms. Bhend said that though the 2023-24 books have not been audited and finalized, she felt comfortable to recommend transferring $3 million from the fund balance. The projected fund balance for the 2023-24 year is 9.64 percent, or approximately $2.4 million.

"It is a good time to do this," she told board members.