Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Facilities And Finance topic
No spam. Unsubscribe anytime.
Board told facility projects are on schedule; SWEEP account expected to add revenue
Summary
At the Aug. 7 workshop, Business Administrator Tina M. Palecek said facility projects should finish before school starts if schedules hold and described a Citizen's Bank SWEEP account yielding 3.4% interest the district will use to offset unexpected expenses and include in next year's budget.
At its Aug. 7 workshop meeting, the Lopatcong Township Board of Education heard an update from Business Administrator Tina M. Palecek on facility projects and a new district investment account.
"If the current schedule holds true, all projects should be done before the start of school," Palecek told the board when summarizing construction and maintenance timelines. She also described a Citizen's Bank SWEEP account that provides a 3.4% interest rate on the district's bank balance; the administration said anticipated annual interest will be used to offset unexpected expenses this year and is expected to be included in next year’s budget assumptions.
The board did not vote on budget adjustments at the workshop; the report provided the administration's expectation for project completion and a revenue source the district plans to incorporate in future budgeting.
