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Board authorizes short-term borrowing pool; $5 million set aside on first-come basis
Summary
The board approved a resolution authorizing districts to use short-term borrowing from a county school pool to manage cashflow; staff said the COE typically sets aside about $5 million for this purpose and the resolution passed unanimously.
Becky Olker presented a resolution allowing districts in the county to use short-term borrowing from a county school pool to cover cashflow timing differences tied to property-tax receipts. She said such borrowing is rare in her 13 years but recommended keeping a pool available: "We, have typically in the past set about $5,000,000 aside, and we kind of allow it on a 1st come, 1st served basis should anyone need to come borrow," she said.
The board discussed timing and then took a roll-call vote. Student trustees and all trustees recorded "aye" or "yes" in support and the resolution passed. Staff said the pool is intended as a limited, short-term tool for districts facing temporary cash shortages between property-tax receipts.
