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Fraser Board adopts 2024–25 budget, sets 18‑mill operating levy and approves loan‑fund participation
Summary
The Fraser Board of Education on June 24 adopted the 2024–25 budget, set an 18.0‑mill operating levy and capped the debt levy at 7.0 mills; the board also authorized participation in the School Loan Revolving Fund and approved related fiscal officers and investment custodians.
The Fraser Board of Education voted June 24 to adopt its original budget for the 2024–25 school year, set the operating tax levy at 18.0 mills and cap the debt levy at 7.0 mills, and approved participation in the state School Loan Revolving Fund to access additional debt financing.
Treasurer Robyn Norbeck moved to designate allowable depositories for the district and Secretary Dan Stawinski moved to authorize electronic fund transfers, naming the district Business Manager as the Electronic Transfer Officer. Kathleen Moco moved and the board approved Huntington Bank and the Michigan Liquid Asset Fund Plus (MILAF+) as investment custodians for the year.
The board adopted final adjustments to the 2023–24 budget and then approved the original 2024–25 budget as presented. The board also approved a motion to set the operating levy at 18.0 mills and cap the debt levy at 7.0 mills; the district intends to borrow additional debt funds through the School Loan Revolving Fund and adopted a resolution authorizing participation and empowering the Business Manager to execute documents to apply for and close the loan.
The motions were routine business items that passed with all members present voting in the affirmative. Present board members recorded in the minutes were Scott Wallace (President), Robyn Norbeck (Treasurer), Dan Stawinski (Secretary) and Kathleen Moco (Trustee); three trustees were listed as absent.
Votes at a glance: the minutes record unanimous approval among members present for designation of depositories, authorization of electronic transfers, selection of investment custodians (Huntington Bank and MILAF+), adoption of final 2023–24 budget amendments, adoption of the original 2024–25 budget, approval of the 18.0‑mill operating levy and 7.0‑mill debt cap, and adoption of the resolution to participate in the School Loan Revolving Fund. The Business Manager, Andrea Agrusa, was authorized to execute loan documents and finalize insurance limits and deductibles where applicable.
Next steps: the board’s minutes state the Business Manager will complete any required paperwork to apply for and close the School Loan Revolving Fund loan; no loan amount or closing date was specified in the minutes.
