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Board notes $29M cash, records recent $6.1M bond sale and approves advertising for additional appropriations
Summary
At the work session the district reported a September cash balance of about $29 million, confirmed a recent $6.1 million general-obligation bond sale for capital projects and voted to advertise a November hearing for $400,000 in rainy-day and $2.6 million in education-fund appropriations.
The school board received a monthly financial report noting receipt of the state basic grant and a cash balance of about $29 million at the end of September. Finance staff told the board the district recently sold $6.1 million in general-obligation bonds to fund parking-lot and Fieldhouse improvements and related projects.
Finance staff said the bond sale will boost the district's checkbook balance and that the bonds are structured as short-term obligations tied to planned projects. "We did sell bonds this past week: $6.1 million," the finance presentation said.
Staff also asked the board for permission to advertise an additional-appropriation hearing for the fourth quarter, seeking authority for $400,000 in the rainy-day fund and $2.6 million in the education fund. Presenters emphasized these appropriations would come from this year's cash balance and would not raise the tax rate. The board approved permission to advertise the hearing for the November meeting.
The financial report and the permission to advertise were approved by voice votes; the transcript records "all in favor" but does not include a roll-call tally.
