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Board approves reappropriation to cover 2014 debt service payment
Summary
The Eastern Greene Schools board approved reappropriating $254,000 to cover a 2014 debt-service payment that posted in January rather than December; the district will upload the reappropriation to the DLGF to remain compliant.
A staff member told the Eastern Greene Schools board that the district must reappropriate $254,000 to cover a 2014 debt service bond payment after the bill posted in January instead of December.
"We received our bill for our 2014 debt services bond at the very very end of December, the 1st of January, and there was not enough time to process that payment in December," the staff member said, adding that because the payment left district accounts in January the board must reappropriate the amount to remain legally compliant. "Once it's approved, I will upload that into the DLGF and then we will be perfectly compliant about transferring that $254,000 debt services payment."
Board members approved a motion to reappropriate the funds after a member moved and Dennis seconded. The transcript records agreement and brief verbal confirmation but does not include a roll-call or numeric tally in the record. The appropriation is for debt service tied to a 2014 bond used to refinance a high school building project.
The staff member described the action as a bookkeeping and compliance step rather than an increase in overall spending; no additional programming or new expenditures were proposed in connection with the reappropriation.
The board did not add conditions or amendments to the reappropriation and the staff member said the administrative step would be completed with the DLGF upload the following morning.
