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Pekin board approves $2M interfund loan repayment after rebates
Summary
The board approved a $2,000,000 repayment from Operations & Maintenance to the Working Cash Fund following receipt of a $1.5 million federal rebate and a $400,000 Ameren rebate; motion passed unanimously among members present.
The Pekin Community High School Board on May 18 approved repayment of a previously authorized interfund loan, moving $2,000,000 from the Operations & Maintenance Fund back to the Working Cash Fund.
Chief Financial Officer Schaefer said the district received a $1.5 million federal rebate and a $400,000 Ameren rebate related to prior project incentives, which, combined with other cash management steps, allowed the repayment. The motion to repay the loan was made by Stephen Huey, seconded by Terry Fischer, and passed with the five members present voting yes.
President Ryan Wrigley framed the repayment as an important cash-management step while cautioning about reduced fund balances in recent years.
