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Saint Croix Central authorizes short-term borrowing up to $900,000 to cover timing gaps
Summary
Trustees authorized the board to make temporary loans of up to $900,000 to cover cash-flow gaps when state aid receipts lag expenses; board members said such borrowing is typically short term and has not been required this year.
The annual meeting authorized the Board of Education to make short-term loans for current operating expenses up to $900,000 to bridge timing gaps between when bills are due and when state aid arrives. A board member moved the motion, noting the district typically uses a revolving credit account with Citizens State Bank and that such borrowing is usually repaid in less than a month.
Trustees discussed prior usage of short-term borrowing and whether it had been needed this year; the presenters said the district has not had to use the loan this fiscal year but retained authorization as a precaution against legislative or timing shifts in payments. The motion passed by voice vote.
