The way Onteora has operated under COVID restrictions has resulted in a savings of between $2.5 to 3.5 million, said Assistant Superintendent for Business Monica LaClair at the June 1 board meeting.
She recommended transferring $350,000 to the teacher retirement system reserve, $54,000 to the unemployment reserve and $33,000 to the unassigned fund balance. Around $2-3 million should be put into accrued liability, which is the money legally owed to staff should the district have to shut down permanently. Anything remaining should go to the capital reserve to fund any work as architects complete a building condition survey, she said.
The surplus is unrelated to the federal COVID benefits awarded to schools. The district is coming up with a plan for how that money should be used.