Reserve Fund

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As the plan for SHARE reserve funds was originally developed in 2012—as a place to save funds for the replacement of hardware and software, as needed--the LLSAP4 Committee, including SHARE managers, estimated that SHARE would need $400,000 by the end of five years to replace hardware, and $1,200,000 at the end of six years (the end of the current Polaris contract) to replace the ILS software, IF the decision is made to change ILS software. That is how the original committee determined the amount of funds to be transferred to the reserve fund each year.

In FY2015, in the midst of the state budget crisis, the SHARE committees agreed that the annual transfer of funds to the reserve account should be reduced to $142,500. In FY2016, the decision was made to transfer funds to the reserve account in the fall of the next fiscal year, allowing SHARE to continue operations until the next fiscal year’s member fees are paid.

 

  Scheduled for Reserves Proposed Expenditures Proposed Balance Actual Interest Actual Expenditures Actual Balance Notes
FY2013 $230,000.00   $230,000.00          
FY2014 $230,000.00   $460,000.00 $515,306.28 $54.98 $0.00 $515,361.26 This is the reserve balance after the FY13 audit, and was generated from the original contributions of reserve funds from the four legacy LLSAPs.
FY2015     $460,000.00   $86.01 $0.00 $515,447.27  
FY2016 $142,500.00   $602,500.00 $142,500.00 $958.15 $0.00 $658,905.42 The FY2015 reserve funds were transferred in FY2016.
FY2017 $142,500.00 $129,000.00 $616,000.00 $142,500.00 $4,322.16   $805,727.58 The FY2016 reserve funds were transferred in FY2017.
FY2018 $142,500.00 $135,000.00 $623,500.00 $142,500.00 $11,988.40 $265,077.09 $695,148.89 The FY2017 reserve funds were transferred in FY2018.
FY2019 $142,500.00 $100,000.00 $666,000.00         The FY2018 reserve funds were transferred in FY2019.
                 
Totals: $1,260,000.00 $364,000.00   $800,306.28 $1,962.04 $0.00