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Board authorizes short-term loan from food-service fund and redirects interest earnings to education fund to avoid negative balance
Summary
To avoid a negative year-end balance in the education fund, the board approved a resolution authorizing a short-term interfund loan of up to $5 million from the food-service fund with repayment by Dec. 31, 2025, and a separate resolution to transfer interest earnings to the education fund instead of site-and-construction.
The Round Lake Area Board of Education approved two financial resolutions aimed at preventing the education (operating) fund from ending FY25 with a negative balance. Finance staff asked the board to authorize a short-term interfund loan of up to $5,000,000 from the food-service fund to the education fund, with repayment required no later than Dec. 31, 2025. The board approved the resolution.
Finance staff said the loan is a timing solution permitted by school code to avoid an audit…
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