Board approves $1.8 million transfer to correct sinking fund accounting
After a financial review, the Springfield Local board voted to move $1,801,288 of interest from the general fund into the restricted sinking fund to correct years of misposted interest tied to a 2010 qualified school construction bond. An outside advisor said no funds were missing.
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The Springfield Local Board of Education on Oct. 19 approved a transfer of $1,801,288 from the district general fund into the restricted sinking fund to correct how interest earned on sinking fund deposits had been recorded.
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