WEBSTER CENTRAL SCHOOL DISTRICT Brian Freeman, Assistant Superintendent for Business 119 South Avenue, Webster, NY 14580 (585)216-0017 brian_freeman@webstercsd.org
6/20/2024 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 2023-24 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 2024 before the adoption of the 2024-25 Tax Warrant and after the closing of the 2023-24 fiscal year. Below you find the recommended estimated transfers to be completed: 1.
Capital Reserve Fund (A878)
Fully funded no more transfers allowed other than interest earnings. 2.
Tax Certiorari Reserve (A864)
Estimated transfer of $1,000,000 into the reserve from unappropriated fund balance. 3.
Worker’s Compensation Reserve (A814)
Estimated transfer of $500,000 into the reserve from unappropriated fund balance. 4.
Liability Reserve (A862)
Estimated transfer of $1,000,000 into the reserve from unappropriated fund balance. 5.
Retirement Contribution Reserve Fund (A827)
Estimated transfer of $1,500,000 into the reserve from unappropriated fund balance. 6.
TRS Sub Fund (A827)
Estimated transfer of $2,000,000 into the reserve from unappropriated fund balance. 7.
Insurance Reserve (Cybersecurity) (A863)
Estimated transfer of $2,500,000 into the reserve from unappropriated fund balance.
Current General Fund Reserve Balances are as follows for your information as well (unaudited):
Reserve Type and Name
Reserve Description
June 2024 Balance
To pay the cost of any object or purpose for which bonds may be issued.
$15,270,509
To pay the cost of any cybersecurity insurance premiums or expenditures
$2,009,724
To fund employer retirement contributions to the State and Local Employees’ Retirement System
$9,114,546
To fund employer retirement contributions to the Teacher's Retirement System
$3,346,787
Workers’ Compensation
To pay for Workers Compensation and benefits.
$4,575,389
Unemployment Insurance
To pay the cost of reimbursement to the State Unemployment Insurance Fund.
$1,226,488
Liability
To establish and maintain a program of reserves to cover liability claims incurred.
$4,344,553
Capital Insurance Reserve (Cybersecurity) Retirement Contribution TRS Sub Fund
Tax Certiorari Employee Benefit Accrued Liability
To establish a reserve fund for tax certiorari settlements For the payment of accrued employee benefits due to employees upon termination of service.
$4,205,604
$1,040,248
For additional context, below is Webster’s ranking for overall fund balance for the last state reportable year (2022-23) for all Monroe County districts. The value column is the percentage based on expenditures divided by total fund balance. The rank column is just a numerical ranking from highest to lowest calculation.
District
% of Fund Balance Compared to Expenditures
Rank
A
109
1
B
86
2
C
66
3
D
50
4
E
49
5
F
46
6
G
46
7
H
42
8
I
38
9
J
34
10
K
33
11
L
32
12
M
31
13
Webster
30
14
N
27
15
O
25
16
P
24
17
Please let me know if you have any additional questions. Thank you.