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Arlington board approves up to $3 million short-term loan to cover summer cash shortfall
Summary
The Arlington School District board approved a temporary interfund loan authorization of up to $3,000,000 from the capital projects fund to cover projected summer cash-flow shortfalls; district finance staff said receipts later in the fiscal year will repay the loan with interest.
The Arlington School District Board of Directors on Tuesday authorized a temporary interfund loan of up to $3,000,000 from the district's capital projects fund to cover projected cash shortfalls during the summer months.
Finance director Gina Zuttenhorst told the board the district expects low cash-flow months in June (and possibly mid-months in July and August) and projects that revenues arriving later in the fiscal year will make the capital fund whole after repayment with interest. "Our financial health starts…
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