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Lebanon board adopts 90‑day minimum cash-balance policy and approves $4.456M Vista energy project
Summary
The board adopted a formal cash-balance policy (90‑day minimum, 180‑day maximum; 120‑day target) and authorized advancing a district energy-performance project with Vista Consulting totaling $4.456 million, pursuing low-interest loans to fund upgrades expected to yield annual energy savings.
At its March 23 meeting, the Lebanon City School Board approved a cash‑balance resolution that sets a 90‑day minimum and a 180‑day maximum for days-of-cash on hand and directs district administrators to notify the board and prepare remediation options if trigger levels are reached.
Treasurer Miss Irvin framed the policy as formalizing existing practice and said the board’s recommended target sits at about 120 days. “The bottom limit... is 90 days,” she said, explaining that the policy codifies thresholds, notification steps and suggested remediation actions so the district, county and community have clear standards when property-tax timing or reforms drive cash changes.
The action follows a multi-slide forecast showing a downward cash‑balance trend driven in part by recent property‑tax reform and timing of receipts; Irvin told trustees the forecast shows the district could fall toward the policy’s minimum in coming years without changes to revenue or expenses.
Separately the board approved moving forward with an energy-performance contract with Vista Consulting to complete LED retrofits, lighting controls, stadium-light replacements, HVAC automation and selected boiler work across district facilities. The administration described the total project cost as $4.456 million and said it will pursue a $1 million OFCC/ELF loan at roughly 0.25% and other low‑interest options to reduce net borrowing costs.
“Total project costs 4.456 million,” the superintendent noted as he summarized the package; administration materials estimated substantial annual utility savings and indicated some of Vista’s work carries a performance guarantee tied to projected energy savings.
Board members asked how quickly the upgrades could be completed; the administration said much of the lighting work could be done during the summer break, with larger mechanical replacements staged as necessary. Trustees also asked about financing contingencies — the district has a previously authorized Bradley‑paying loan balance and is pursuing OFCC/ELF and a revived House‑Bill‑264 option for low‑interest funds in combination, though the timeline for final state sign-off is uncertain.
Both the cash-policy resolution and the Vista project authorization passed on roll call with the board voting in favor.
