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Administration recommends 30-day G.O. bond to clean out debt service; estimated $265,000 available
Summary
District administrators recommended issuing a 30-day General Obligation Bond to reconcile the Debt Service Fund and make an estimated $265,000 residual available for transfer to capital projects or operations and maintenance.
The district's business office reported that routine fluctuations in tax collections, interest earnings and payment timing can leave small residual balances in the Debt Service Fund. After consultation with PTMA, administrators recommended performing a "debt service clean-out" by issuing a 30-day General Obligation Bond to reconcile balances and make residual funds available for allowable transfers.
Staff estimated the residual balance available from the clean-out would be approximately $265,000 and said allowable excess funds could be transferred to Capital Projects or Operations & Maintenance to support facility needs. The board recorded the recommendation during its March 18 meeting; no final transfer was authorized at that session.
