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Trustees approve $915,973 investment from School Modernization Funds to pay for maintenance
Summary
The Castleford School District Board of Trustees voted Dec. 18 to invest $915,973 from School Modernization Funds to earn interest that will help pay for maintenance projects, a measure trustees said will stretch limited local dollars.
The Castleford School District No. 417 Board of Trustees voted Dec. 18 to invest $915,973.00 from the district's School Modernization Funds to generate interest that trustees said will be used to pay for maintenance items.
Charlene Davis, trustee, moved to invest the funds and Will Jaynes seconded; the motion carried. The board recorded the purpose as earning interest on the identified balance to help cover maintenance needs rather than spending the principal immediately.
The vote was presented during the meeting packet and budget discussion. The packet included P&L and revised P&L reports showing the district's fiscal-year-to-date revenues, expenses and the School Modernization Fund line. The motion did not specify particular maintenance projects; trustees said the interest income would be applied to maintenance items as needs are identified.
The decision followed routine budget reporting and came during new-business actions; trustees made no additional programmatic commitments or project assignments during the meeting. Next steps in the transcript were to have district staff process the investment per the board motion.
