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Board reviews March finances; special education fund shown with $325,004.82 shortfall
Summary
District business manager presented March financials showing capital outlay owes the general fund $180,208.38 and special education owes $325,004.82; board discussed cash-flow choices and a pending extraordinary-cost fund application.
Kathy Cleveland, the district business presenter, told the McCook Central School District 43-7 board that March tax payments were "considerably higher" than expected but that some funds remain in deficit. "The total amount that capital outlay still owes the general fund is a $180,208.38," she said, adding that "$325,004.82 is what special education still owes a general fund." Cleveland said capital outlay paid $91,007.00 back to the general fund in March and described planned applications to the extraordinary-cost fund to offset special-education costs.
Board members questioned whether the extraordinary-cost fund would fully cover the shortfall and discussed reporting choices. One board member asked whether the district should stop monthly transfers from the general fund to special education so the monthly cash-balance report would more clearly reflect the special-education deficit; Cleveland said the application window for extraordinary-cost assistance was open this month and she was working to determine required amounts. The board did not take further formal action on funding beyond noting the pending application and continuing to monitor monthly cash reports.
