The Board of Education has allocated an additional $3 million of our fund balance to meet our financial needs in 2024-25. However, this is a short term solution. In order to maintain our ability to borrow at a favorable rate and meet BOE policy our fund balance needs to remain at 25% of the total district budget (approx. $55 million).
Fund balance reserves are similar to savings accounts, once the money is spent, it is gone. A savings account is not a long-term solution for covering ongoing costs.