WEBSTER CENTRAL SCHOOL DISTRICT Brian M. Neenan
David Swinson
Superintendent Brian_Neenan@webstercsd.org (585) 216-0001
Assistant Superintendent for Administration and Human Resources David_Swinson@webstercsd.org (585) 216-0011
Colleen Armstrong Executive Director of Student Services Colleen_Armstrong@webstercsd.org (585) 216-0073
Erin Land
Brian Freeman Assistant Superintendent for Business Brian_Freeman@webstercsd.org (585) 216-0017
Assistant Superintendent for Instruction Erin_Land@webstercsd.org (585) 216-0111
5/25/2022 To: Brian Neenan, Superintendent From: Brian Freeman, Assistant Superintendent for Business Re: Estimated Reserve Transfers Cc: Board of Education As part of our annual school year closing, transfers between the 2021-22 unappropriated fund balance and reserve accounts can be made. In accordance with SED regulations, it is recommended that the Board of Education approve “estimated” transfers by June 30th of each school year. The Board will receive the actual transfers for approval in late July or early August 2022 before the adoption of the 2022-23 Tax Warrant and after the closing of the 2021-22 fiscal year. Below you find the recommended estimated transfers to be completed: 1. Capital Reserve Fund (A878) Estimated transfer not to exceed $4,000,000 into the reserve from unappropriated fund balance. 2. Tax Certiorari Reserve (A864) Estimated transfer not to exceed $500,000 into the reserve from unappropriated fund balance. 3. Worker’s Compensation Reserve (A814) Estimated transfer not to exceed $1,500,000 into the reserve from unappropriated fund balance. 4. Liability Reserve (A862) Estimated transfer not to exceed $2,000,000 into the reserve from unappropriated fund balance. 5. Retirement Contribution Reserve Fund (A827) Estimated transfer not to exceed $1,000,000 into the reserve from unappropriated fund balance. 6. TRS Sub Fund (A827) Estimated transfer not to exceed $1,000,000 into the reserve from unappropriated fund balance. ADMINISTRATIVE OFFICE: 119 South Avenue, Webster, New York 14580 Main Switchboard: (585) 265-3600 • Fax Machine: (585) 265-6561 • Web Site: www.websterschools.org
Current Reserve Balances are as follows for your information as well:
Reserve Type and Name Capital
Retirement Contribution
TRS Sub Fund Workers’ Compensation Unemployment Insurance
Mandatory Reserve for Debt Service
Liability Tax Certiorari Employee Benefit Accrued Liability
Reserve Description May 2022 Balance To pay the cost of any object or purpose for which bonds may be issued. $6,633,143 To fund employer retirement contributions to the State and Local Employees’ Retirement System $7,764,308 To fund employer retirement contributions to the Teacher's Retirement System $1,812,682 To pay for Workers Compensation and benefits. $3,027,536 To pay the cost of reimbursement to the State Unemployment Insurance Fund. $1,212,682 To cover debt service payments on outstanding obligations (bonds, BANS) after the sale of district capital assets or improvements. $3,155,966 To establish and maintain a program of reserves to cover liability claims incurred. $1,802,550 To establish a reserve fund for tax certiorari settlements $3,658,622 For the payment of accrued employee benefits’ due to employees upon termination of service. $1,028,4719
Please let me know if you have any additional questions. Thank you.
119 South Avenue, Webster, New York 14580 Main Switchboard: (585) 265-3600 • Fax Machine: (585) 265-6561 • Web Site: www.websterschools.org