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District 128 approves $8 million transfer from education fund to operations and maintenance
Summary
The board approved a resolution transferring $8,000,000 from the district’s education fund to its operations and maintenance fund after a public hearing; the transfer is part of financing for the Libertyville High School cafeteria project and follows statutory public-hearing requirements for interfund transfers.
Community High School District 128’s board voted May 19 to transfer $8,000,000 from the district’s education fund to its operations and maintenance fund to pay for the Libertyville High School cafeteria project.
District finance staff opened a public hearing on the transfer at the start of the meeting and explained that Illinois law permits interfund transfers when the board passes a resolution and holds a public hearing. No members of the public offered comments specific to the fund-transfer hearing, and the board subsequently closed the hearing before taking formal action later in the agenda.
Dan Stanley, who identified himself as the district treasurer during the meeting, told the board the district is using fund-balance cash from the education fund for the cafeteria project and therefore requires the interfund transfer to move those dollars into the operations and maintenance fund for payment.
After the hearing, a board member moved to approve a resolution authorizing the transfer of $8,000,000 from the education fund to the operations and maintenance fund. The motion passed by roll call vote; members voting in favor were recorded during the meeting.
District staff noted this transfer follows statutory procedures and is a routine step to align fund balances with project expenditures. The board also separately approved a resolution authorizing the earlier transfer of interest from the working cash fund into the education fund as part of routine annual cash-management tasks.
The transfer will be recorded in district fiscal-year accounting and is intended to fund the LHS cafeteria project; staff did not present additional amendments or conditions at the May 19 meeting.
