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Monroe Local board approves May update to five-year forecast, moves to accelerate several capital transfers and debt payoff
Summary
The Monroe Local School Board on May 19 approved a May update to its five-year financial forecast that accelerates capital transfers, recommends paying off a short-term energy-conservation loan and sets aside money for a termination benefits reserve.
The Monroe Local School Board on May 19 approved an updated five-year forecast that accelerates several planned capital transfers, authorizes an early payoff of a short-term energy-conservation loan and earmarks funds for a termination benefits reserve.
The move came during the board's regular meeting after a presentation of the May forecast by finance staff. The board voted to approve the update on a motion by Board member Grant, seconded by Board member Fulham; the roll call was unanimous in favor.
The forecast presentation described modest revenue gains this year from increased restricted state categorical funding and higher interest earnings, offset by continuing uncertainty over the state budget. The finance presenter said the district had identified funds to pay off a remaining energy-conservation loan (referenced in the meeting as House Bill 264 debt) and recommended paying it off on June 1 to realize roughly $23,000 in interest savings.
The update also consolidates…
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