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Board approves $6.1 million working-cash abatement transfer for capital projects
Summary
The board approved an abatement resolution to transfer $6,103,973.56 from the working cash fund to the capital projects fund to support ongoing capital improvements; staff noted an additional ~$70,000 in proceeds due to lower interest rates at closing.
The Skokie SD 68 Board of Education approved an abatement resolution to transfer $6,103,973.56 in proceeds from the working cash fund to the capital project fund to support ongoing capital projects.
The Chair (S1) introduced the item as "the approval of the abatement resolution providing for transfer of the $6,103,973.56 in proceeds from the working cash fund to the capital project fund via the operations and maintenance fund so that the proceeds may be spent on the ongoing capital projects." Staff (S12) explained that timing and a slightly lower interest rate at close yielded an additional roughly $70,000 in proceeds compared with earlier estimates.
After trustee questions and brief discussion about timing, the board conducted a roll-call vote and adopted the resolution. Trustees and staff said the action finalizes the capital funding step in the bond process and allows the district to move forward with planned construction work.
