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Meeting Date:
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Category:
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Type:
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Subject:
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Approval of a Resolution to Repay and Reborrow a Loan from the Working Cash Fund to the Self-Insurance Fund |
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Strategic Plans:
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Enclosure:
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File Attachment:
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Summary:
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The School Code of Illinois allows for a transfer of funds to accommodate cash flow conditions. This resolution repays a loan in the amount of $4,000,000 from the Working Cash Fund to the Self-Insurance Fund. A new loan is approved in the amount of $4,000,000 from the Working Cash Fund to the Self-Insurance Fund. |
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Funding:
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Resolution
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WHEREAS, Article 20 of the School Code authorizes transfers from the Working Cash Fund to any fund of the District for which taxes are levied; and
WHEREAS, the Board has previously approved a loan from the Working Cash Fund to the Self-Insurance Fund in the amount of $4,000,000; and
WHEREAS, in 2023, the District collected total taxes in the Educational, Operations & Maintenance and Transportation Funds of $104,068,962; and
WHEREAS, the District anticipates collection of total taxes in the Educational, Operations & Maintenance and Transportation Funds during 2024 in amounts at least equal to those received in 2023;
NOW THEREFORE BE IT RESOLVED THAT:
1. Final repayment shall be made from the Self-Insurance Fund to the Working Cash Fund in the amount of $4,000,000; and
2. Upon completion of the action authorized above and in anticipation of the total taxes to be received during 2024 in the Educational, Operations & Maintenance and Transportation Funds; a new loan is hereby approved from the Working Cash Fund to the Self-Insurance Fund in the amount of $4,000,000. |
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Approvals:
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Recommended By: |
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Signed By: |
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Steve Miller - Director |
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Signed By: |
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Jennifer E. Gill - Superintendent |
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Vote Results:
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| Original Motion | Member Anthony Mares Moved, Member Buffy Lael-Wolf seconded to approve the Original motion 'WHEREAS, Article 20 of the School Code authorizes transfers from the Working Cash Fund to any fund of the District for which taxes are levied; and
WHEREAS, the Board has previously approved a loan from the Working Cash Fund to the Self-Insurance Fund in the amount of $4,000,000; and
WHEREAS, in 2023, the District collected total taxes in the Educational, Operations & Maintenance and Transportation Funds of $104,068,962; and
WHEREAS, the District anticipates collection of total taxes in the Educational, Operations & Maintenance and Transportation Funds during 2024 in amounts at least equal to those received in 2023;
NOW THEREFORE BE IT RESOLVED THAT:
1. Final repayment shall be made from the Self-Insurance Fund to the Working Cash Fund in the amount of $4,000,000; and
2. Upon completion of the action authorized above and in anticipation of the total taxes to be received during 2024 in the Educational, Operations & Maintenance and Transportation Funds; a new loan is hereby approved from the Working Cash Fund to the Self-Insurance Fund in the amount of $4,000,000.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 7 Nay: 0. | | The motion Carried 7 - 0 | | | | | Anthony Mares | Yes | | Micah Miller | Yes | | Sarah Blissett | Yes | | Buffy Lael-Wolf | Yes | | Erica Austin | Yes | | Ken Gilmore | Yes | | Debra Iams | Yes | |
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