Albemarle Supervisors Vote on School Board Reserve Fund Cap - NBC29 WVIR Charlottesville, VA News, Sports and Weather

Albemarle Supervisors Vote on School Board Reserve Fund Cap

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Putting a cap on how much money Albemarle County's School Board can bank took center stage Thursday.  Supervisors wanted to set a limit, but the specific number was up for debate.

Around 4 p.m. Thursday, Albemarle County supervisors unanimously voted to put a 2 percent cap on the school board's reserve fund and take over the replacing of old school buses.

The Albemarle County Board of Supervisors held a joint meeting with the school board Thursday.  A 2 percent cap means the school division will keep $3 million in the fund and place $2.4 million in the county's capital improvement plan.  That money will be used to fund long-term projects for the county, including schools.

Steve Koleszar with the Albemarle County School Board said, "If they put a cap on the reserve fund, in essence at the end of the year we'll be in a position if we don't spend the money it's going to CIP rather than to operations."

"The program, the projects that are purchased through CIP money are school projects and general government projects. Usually 50-50," said Albemarle County Supervisor Dennis Rooker. 

Supervisors also decided to take on school bus replacement.  The division will need 15 new buses per year to replace old ones.  That will cost the county about $1.2 million annually.

There was a concern among some supervisors that making the shift would reduce funding for other long-term county projects.

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