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Board recommends short-term cash-flow borrowing up to $2.5 million to full board
Summary
Finance staff requested authority to short-term borrow up to $2.5 million from the City of Sparta for cash-flow needs; the board voted to send the borrowing resolution to the full board, 6–0 with one member absent.
Leah Hauser, staff member for district finance, asked the board on Sept. 8 for authority to enter a short-term cash-flow borrowing arrangement of up to $2,500,000 with the City of Sparta if needed to manage payroll and benefit timing during tight months. "What I'm asking for is just for you to give me approval that if needed, I would short term borrow no more than $2,500,000 from the city of Sparta," Hauser said, describing the city's favorable short-term rate and quick processing.
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