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School board approves interfund loans to cover end-of-year cash shortfalls
Summary
The Elko County School District board voted to authorize interfund loans from the general fund to five restricted funds to prevent deficit cash balances before June 30; amounts were not specified in the meeting transcript.
The Elko County School District board voted to authorize interfund loans from the general fund to five restricted funds to prevent deficit cash balances as of June 30.
The board combined agenda items 2.01 through 2.05 and approved an interfund loan to the health insurance fund, the E‑Rate fund, the food service fund, the pay-as-you-go fund and the SB 231 fund from the general fund. Theresa made the motion; the chair seconded it and the motion passed with all voting in favor.
The action was taken under what the chair described as a “revised statute” that requires these steps be completed before June 30. Cassie, who answered board questions during the item, described the procedure as an annual process and said the loans are intended to “cover our funds to ensure that we're not deficit cash at June 30, waiting on additional revenues to flow in.”
No dollar amounts were provided in the discussion recorded in the transcript. The board combined the five agenda items for efficiency and moved the package as a single motion; the transcript does not record any amendments, conditions or separate votes on the individual loans.
There was no recorded public comment on these items before the board acted. After the vote the meeting was adjourned.
