board of education half hollow hills central school district meeting of ...

BOARD OF EDUCATION – REGULAR MEETING – JUNE 20, 2011
RESOLUTION FOR RELEASE OF RESERVES
AND INCREASE APPROPRIATION FOR THE
2010-2011 SCHOOL YEAR: BE IT RESOLVED that the Board of Education of the Half Hollow
Hills Central School District release the following dollar amount from
the indicated reserve at June 30, 2011 for the purpose of employee
compensated absence expense.
Employee Benefit Accrued Liability Reserve ($1,450,000)
BE IT FURTHER RESOLVED that the Board of Education
authorizes these funds be added to the current 2010-2011 budget by
increasing the appropriation as detailed below:
A9070-800-00 Compensated Absences $1,450,000
A Motion was made by Mr. Marcucci, seconded by Mr. Ptucha, and
carried unanimously (6-0) to approve the above Resolution.
RESOLUTION TO
FUND RESERVES:
WHEREAS by action of the Board of Education, the Half Hollow
Central School District has previously established the following
reserves whose balances at June 30, 2010 were as follows:
Reserve for Employee Benefit Accrued Liability$12,951,301
Workers’ Compensation Reserve............................1,944,635
Reserve for Retirement Contribution ....................10,933,635
Unemployment Insurance Reserve.............................238,581
Reserve for Property Loss ..........................................482,987
Reserve for Liability ....................... ..........................315,400
NOW BE IT RESOLVED that upon the recommendation of the
Assistant Superintendent for Finance and Facilities, the Board of
Education of the Half Hollow Hills Central School District
authorizes transferring funds into the following reserves so as not
to exceed the following reserve amounts for the period ending June
30, 2011:
Reserve for Employee Benefit Accrued Liability$15,500,000*
Workers’ Compensation Reserve ...........................3,820,817*
Reserve for Retirement Contribution....................11,580,019*
Unemployment Insurance Reserve ............................238,581*
Reserve for Property Loss..........................................482,987*
*Please note that these dollar amounts are the maximum allowable for
each category, and would fully fund each of the reserves. The actual
amounts transferred will be determined after the close of the 2010-2011
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