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Finance and facilities update: cash balances, generators and debt questions
Summary
Finance staff reported March fund balances and an early tax draw request; administrators said McCulla tornado repairs are complete, some generators need minor maintenance while Westside requires full replacement, and the board discussed common-school loan repayments and statutory guidance that repayments may be made if funds are sufficient.
Chief financial staff presented March financials showing the district's education, operations and referendum funds are within expected ranges for the first quarter and described an early tax draw request to pay down common-school loan obligations.
Mrs. Zarowski reported that the education and operations funds remain stable through March and that an early draw on property-tax distributions was requested to reduce common-school-loan debt. She said insurance reimbursements for the McCulla tornado renovation had been received and the building is back to normal; final payment to the contractor will go out in June.
Administrators described multiple generator issues after recent power outages: several school generators require minor servicing (estimated to be about $10,000 total) while Westside's generator appears to need full replacement; the district is collecting quotes. Board members asked for an updated debt schedule and clarification that state guidance says repayment of certain loans is permissive ("may") rather than mandatory if tax revenue is insufficient.
Board requested a report at the next meeting with a full debt schedule and asked staff to pursue quotes for generator replacement costs.
