Shall the Pelham School District vote to discontinue the following trust funds? Said funds and accumulated interest to date of withdrawal, are to be transferred to the District’s General Fund to be added to the June 30, 2018 unrestricted fund balance. (Majority vote required).
HS Building Land Purchase
(in the approximate amount of $4,637) Established 2004
School Facility Land Purchase
(in the approximate amount of $10,050) Established 2005
Recommended by the School Board
Recommended by the Budget Committee
Recommended by the Board of Trustees
EXPLANATION: The School District has been working collaboratively with the Town of Pelham Board of Trustees to better manage the trust funds that exist for the school district. During this process, these two capital reserve funds were identified. Their initial purpose is no longer warranted. Approval of this article allows the money to be added to the district general fund. They will become a part of the unrestricted fund balance that can be returned to the taxpayer at the end of the fiscal year.