Remarks at Arlington County School Board Meeting on January 18, 2018.
Welcome members of the School Board, the Superintendent and APS Staff. Thank you for the opportunity to speak. The Superintendent’s FY17 Closeout Presentation indicates the availability of $18.1 million to spend, consisting of budget savings and increased tax revenue from the County. Of these funds, the Superintendent proposes to allocate the majority–$11.8 million–to reserve accounts, including:
- $6 million to the Compensation Reserve,
- $3.8 million to the Capital Reserve, and
- $2 million to the Debt Service Reserve.
These funds will be added to existing reserve accounts, which–as indicated by the sum of reserve items listed in Resolution 4 before you tonight–total $83.7 million. They will thus bring APS reserve accounts to $95.5 million or 15.5 percent of the adopted FY18 budget of $613.6 million. This is excessive.