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Freeman board agrees not to renew $420,008 CD, will apply funds toward stadium project in preliminary FY2027 plan
Summary
The Freeman School Board voted to nonrenew a $420,008.32 certificate of deposit and apply the proceeds toward the district stadium project as part of preliminary FY2027 budget planning; trustees also reviewed proposed purchases and staffing additions for next year.
The Freeman School Board voted to nonrenew a maturing district certificate of deposit worth $420,008.32 and apply the funds to the stadium capital project, the board decided during its regular meeting. The motion to nonrenew the CD was made by Board member Cody and seconded by Board member David and passed by voice vote.
The decision was discussed as part of a broader preliminary fiscal year 2027 budget review presented by the district business manager. The manager said the document reflects state-required, short-term estimates and outlined planned expenditures including new middle-school uniforms for several sports, a new freezer and refrigerator for the kitchen, two elementary teachers (with benefits) to be funded from the general fund, a new scoreboard tied to the stadium project, and a 14-passenger van budgeted in capital outlay. The manager said donations are expected to pay off the scoreboard within five years.
Why it matters: using the maturing CD reduces the amount the district would otherwise need to draw from capital-outlay reserves and helps move the stadium project forward without immediately reducing the district’s annual capital balance. Board members discussed prevailing interest rates (the maturing CD at about 3.15% versus other district cash at roughly 3.5%) and agreed the stadium timeline justified repurposing the maturing funds.
Board discussion emphasized preserving state aid and other higher-yield accounts while shifting the CD proceeds to stadium capital. Chair initiated the motion and noted the board had previously placed funds in the CD; Business manager confirmed the exact amount to be reallocated and recommended nonrenewal. No member requested a roll-call tally; the approval was recorded by voice vote.
Next steps: the board approved the nonrenewal motion and will incorporate the transfer into capital-outlay planning for the stadium project. The meeting then moved on to other budget and facilities items and later entered executive session.
