CTE Reserve Fund.pdf - Sullivan County BOCES

Sullivan County BOCES
Career and Technical (CTE)
Equipment Reserve Fund
Susan A. Schmidt
Assistant Superintendent for Finance &
Management Services

BOCES Reserve Funds
• Employee Benefits Accrued Liability
• Retirement Contribution (ERS)
• Unemployment
• Worker’s Compensation
• Capital Reserves are not permitted

CTE Equipment Reserve
• Purchase/replace technologically advanced
equipment for instruction in State approved
CTE courses
• Laws of 1985 – approval of a majority of the
Component Boards and the BOCES Board of
Education

CTE Equipment
Reserve Fund use
• Only for items exceeding $1,000
• Items exceeding $5,000 require prior approval
from NYSED

Sources of Funds
• Sale of existing CTE Equipment
• Funding surplus based upon depreciation value of
existing equipment
• Interest earned on Reserve Funds
• Maximum limit of $2 million
• Maximum per year limit of 10% of CTE budget

Other Factors
• Funds are eligible for BOCES Aid
• Separate Bank Account
• Long term fiscal planning to provide Sullivan
County students with access to equipment that
meets current industry standards

Resolution
Resolved, upon the Recommendation of the
Superintendent that the ______________ Board of
Education approves the establishment of a CTE
equipment reserve fund by the Sullivan County BOCES in
accordance with the requirements, of Education Law,
Section 1950 (4) (ee), as added by Chapter 530 of the
laws of 1985, and the requirements of Section 170.3 (k)
of the Regulations of the Commissioner of Education.

Timeline
• Overview at Board of Education Presentations –
March/April
• BOCES Board of Education Action Item –
March 20, 2012
• Review of CTE Equipment Reserve at BOCES
Annual Meeting – April 3, 2012
• Component Board Action – April 25, 2012