The Culver School Board took action Monday to make sure the Operations Fund has enough money in 2020. Superintendent Karen Shuman says $200,000 was transferred from the Education Fund.
“The transfer from the Education Fund to the Operations Fund is done annually,” she explains. “The state recommends that we keep that below 15 percent, and our final transfer keeps us right around nine percent. And it’s to pay for funds that typically, in the past, used to be paid out of the Education Fund that are now transferred to the Operations Fund, so we’re just covering those.”
The Education Fund is mainly used to cover teacher salaries and gets its money from the state. The Operations Fund covers most other expenses with funding from property taxes. Since there typically isn’t enough property tax revenue to cover all of the expenses that used to be funded with state money, local school boards are essentially required to go through the process of moving it out of the Education Fund.
Shuman says the school board also passed the annual tax neutrality and reductions resolutions.