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Board moves $576,341.14 from debt retirement to permanent improvement fund
Summary
Board approved a resolution to request county approval to transfer $576,341.14 remaining in the bond retirement fund to the Permanent Improvement fund for building maintenance, following the district's final debt payment in November 2025.
The Solon Board of Education voted to request county approval to transfer $576,341.14 from the district's bond retirement (debt service) fund into the Permanent Improvement (PI) fund for maintenance of buildings.
A staff member explained that the district issued debt over many years and had reduced the debt millage to 0% in 2023 while continuing to make debt payments from the existing balance. "The amount remaining is $576,341.14," the presiding officer announced as the amount attached to the recommendation. Staff said the district's final debt payment was made in November 2025, leaving the surplus available for transfer and for use on capital maintenance projects in PI.
Board members characterized the transfer as a formality given there are no more debt payments for those bonds; the money will be used specifically for maintenance on buildings and improvements, as recommended by staff.
