Leniency related to general fund cash balance caps could be coming for school districts.
Members of the School Finance Accountability Board (SFAB) met recently (9/22) and passed a resolution granting a waiver from the general fund cash balance cap for school districts who receive Coronavirus Relief Funds.
Download the SFAB Resolution here and review CRF information here.
CRF payments are being made in two installments with 90 percent paid the past week and 10 percent paid in November.
S.D. DOE Director of Finance and Management Cody Stoeser informed SFAB members the recent payments made to districts “would reflect” added dollars in their October general fund cash balances, which concerned school business managers and brought about the need for the resolution.
“I completely support it,” S.D. Chief Financial Officer, and SFAB member, Liza Clark said of the resolution, which was passed 5-0 by the board.
S.D. DOE General Counsel Diane Roy said she believes “the waiver can be applied to any and all schools that meet” the parameters of the resolution.
SFAB members agreed to present the resolution to the legislature’s Joint Appropriations Committee at an upcoming meeting. SFAB Chairman Terry Nebelsick told fellow members he didn’t anticipate the committee would have any issues with the resolution.
SFAB members include:
- Huron Superintendent Terry Nebelsick;
- SD CFO & Bureau of Finance & Management Commissioner Liza Clark;
- Belle Fourche Business Manager Susan Proefrock;
- Mobridge-Pollock Board President & ASBSD President Eric Stroeder;
- De Smet Superintendent Abi Van Regenmorter.
SFAB scheduled their next meeting for Tuesday, November 10.
For updates on the resolution, SFAB meetings and the legislature, check the ASBSD Blog.