During the Botetourt County Board of Supervisors meeting last Tuesday in Daleville, the board amended the school Capital Reserve Fund for the county FY 2023-24 budget, transferring $642,013 from the county’s Undesignated General Fund balance to the School Division Capital Reserve Fund (301).
In a February 16 letter from School Superintendent Dr. Jonathan Russ found in the February agenda packet, based on FY23 budget vs. actual results, there is a request that $642,013 be transferred to the School Division Capital Reserve Fund.
In the letter, Russ stated, “We will be using these funds to help address the many capital needs within our buildings as well as serve as a contingency against any unforeseen facility emergencies that may arise during the fiscal year.”
After accounting for remaining state construction funds for future years, there was $241,981 of expenditure savings and $400,032 of revenue surplus. This results in FY23 net savings vs. a budget of $642,013. When the transfer request of $642,013 for FY23 results is added to the difference between the current carry forward balance ($1,627,762) less the original FY24 appropriation ($1,624,860) this then will add $2,902 to the $642,013, which results is an appropriation amount of $644,915.
“We have worked internally as a School Board, as well as with the county, to identify and show capital priorities that we have within our school division and which funding sources will support them,” the letter continues. “The continued support of the year end rolls over to the Capital Reserve account will be a large factor in being able to address these needs.”
~ Fincastle Herald staff report
