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Board designates $900,000 in sale proceeds as committed funds for K–12 pathways
Summary
The board adopted a resolution committing $900,000 from the sale of part of the Diamond Head Education Center parking lot to K–12 pathways programming, in line with 2023 state legislation allowing deposit of certain proceeds into the general fund; the resolution passed by roll call.
The District 191 Board of Education voted Feb. 13 to designate $900,000 in sale proceeds from part of the Diamond Head Education Center parking lot as committed funds for K–12 pathways programming. The resolution cites Governmental Accounting Standards Board Statement 54 (fund‑balance classifications) and district Policy 7‑14 (fund balances) and references Chapter 55, Section 32 of the 2023 Minnesota laws that allows specified proceeds from sale or lease of identified properties to be deposited in the general unrestricted fund under certain conditions.
Board member Director Hume moved the resolution; Director Chester seconded. The board approved the resolution by roll call (ayes recorded). The resolution states the committed funds “cannot be used for any purpose other than as specified above unless the School Board adopts a subsequent resolution to modify or remove the restriction.” The motion allocated the full $900,000 to programming and justification listed as: “K through 12 pathways.”
Trustees were told the designation will appear on financial statements as a committed fund balance and that any future reallocation would require subsequent board action. The vote carried unanimously.
