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CRCS Focuses Financial Reserves

Written By The Mountain Eagle on 7/3/24 | 7/3/24

By Joshua Walther

COBLESKILL - In the aftermath of the new budget passing, the CRCS Board of Education met on Monday to discuss their brand-new plans for their annual fund balance and reserves.

School Business Manager Tracy Fraleigh, who works with Superintendent Matthew Sickles on financial plans like the budget, noticed a worrying problem with sudden expenditures on their already tight , namely tax certiorari claims.

Tax certiorari refers to the proceedings by which a real property’s tax assessment is reviewed by an administrative agency, which can lead to potential payouts. 

With the advice of legal counsel, Mrs. Fraleigh put together a certiorari reserve proposal for the Board’s consideration. Intended to protect against the fiscal year it was established, the reserve offers to set aside 2% of the tax levy to guard for up to four years. 

Luckily, the creation of the reserve will not take away from the district’s finances, as once the time limit runs out or upon the Board’s decision, all of the funds will liquidate back into the general fund balance with little fuss.

Under Mrs. Fraleigh’s plan, the Board moved to create their first 2023-2024 reserve, and will look toward the future creation of a 2024-2025 reserve after July 1st. 

In addition to this, Mrs. Fraleigh urged the Board to approve specific transfers to designated reserves for general bookkeeping, which members agreed to with little resistance.

In other news, the Board also heard general updates from multiple different student groups, including the newly established trap team, the FBLA, and the latest senior trip to Costa Rica.

All three groups were keen on sharing their experiences with the Board, giving an overview of different sponsors, competitions, and the activities that they found the most memorable, respectively.

Once they each concluded their presentations, they thanked the Board for supporting their endeavors, saying that they’re looking forward to future meetings and trips that will leave a lasting memory.

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