2020-2021 Reserve Plan – Planned Use and Projected Balances
Restricted Fund Balance |
Actual June 2020 |
Interest 2020-2021 |
Planned Activity 2020-2021 |
Actual June 2021 |
Notes for Planned Activity |
| Workers’ Compensation Reserve | $502,200 | $13,027 | +$600,000 | $1,115,227 | Fund the reserve with 5 years of workers’ comp expenses; plan to spend $120,000 per year starting in 2021-2022 until funds are exhausted |
| Unemployment Insurance Reserve | $0 | +$366,500 | $366,500 | Fund the reserve at 3% of payroll; Use to fund unemployment expenses starting in 2022 | |
| Reserve for Retirement Contributions | $1,002,206 | $23,575 | +$1,950,000 | $2,975,781 | Fund the reserve with the equivalent to 5 years worth of retirement contributions; begin using funds in 2022-2023 to offset mandatory retirement contributions |
| Reserve for Retirement Contributions TRS | $0 | +186,187 | $186,187 | Fund the reserve at 2% of TRS payroll; Begin using in 2022-2023 to offset TRS contributions | |
| Reserve for Property Loss | $469,209 | $12,467 | $482,112 | ||
| Reserve for Liability Claims | $25,000 | $649 | $25,649 | ||
| Insurance Reserve | $0 | $0 | |||
| Reserve for Tax Certiorari | $46,998 | $1,608 | $48,606 | ||
| Reserve for Employee Benefits and accrued Liabilities | $174,573 | $4,528 | $179,101 | ||
| Construction Capital Reserve Fund (2010) | $85,000 | $418 | $85,418 | Use balance of this fund in 2021-22 to partially fund the capital outlay project | |
| Construction Capital Reserve Fund (2020) | $500,000 | $500,000 | Fund the reserve at the maximum level to be used in conjunction with aid from Capital Outlay project to fund annual capital outlay projects beginning in 2022-2023 | ||
| Capital (Bus Purchase) Reserve Fund (2015) | $666,417 | +$1,480,000 -226,774 |
$1,919,643 | Use $226,774 to purchase 2 66-passenger buses. Fund the reserve with an additional $1,480,000 to cover bus purchases through 2024-2025 | |
| Reserve for Repairs | $0 | $0 | Sunset the reserve; no further funds can be deposited. | ||
| Reserve for Debt | $2,000,000 | $51,888 | $2,051,888 | In 2021-2022, transfer funds to a Repair Reserve or Construction Reserve to fund essential repair projects identified in the building condition survey with $0 impact to taxpayers. | |
| Reserve for Tax Reduction | $1,000,000 | 25,948 | $1,025,948 | Liquidate and return to unassigned Fund Balance in 2024-2025 to maintain positive balance in unassigned fund balance. | |
| Other Restricted Fund Balance | $0 | $0 | |||
| Total Restricted Fund Balance | $5,971,603 | $5,217,231 | $10,962,060 | ||
| Assigned Appropriated Fund Balance | $3,383,021 | $3,168,330 | Includes carryover encumbrances | ||
| Unassigned Fund Balance | $3,021,733 | $3,774,206 | |||