School finances are in relatively good shape, Jeremy McFadden, finance director, told members of the USD 231 finance meeting, which met virtually July 24.
During the meeting, McFadden told members that he expects the mill levy to decrease. The district’s valuation has increased and bond debt is lower.
At the end of the day the state fully funded the 2019 finance formula, McFadden said. The district kept staff on payroll.
“We carried through with that commitment,” he said. The contingency fund is unchanged at 3.6 million.
The district’s bond debt has not been this low since about 1999, McFadden said. That, along with increased valuation, provides an opportunity to decrease the mill levy. This year the total proposed mill levy is 64.5 which is down from actual mill levy (decrease of about 1.2 mill), he said. Next year (2021) is the final year the district can spend down money from the 2016 bond issue.
In the future the finance committee will meet either in person or virtually when there is a need for consensus approval, McFadden said. If that happens, McFadden will make proper notification of the meetings. In addition, draft minutes of the meeting will now be posted on the district’s website within three days rather than after the next meeting date.
In other business:
—As of July 27, the district had served more than 400,000 meals since March 23. Amy Droegemeier, nutrition services, said the district has sustained participation in the program and will continue until at least mid-August.
“We have sustained participation,” Droegemeier said. “That is definitely an anomally.”
— Thane Nonamaker, teacher, asked if funds were not transferred to the Gardner Edgerton Youth Participation could the money be used for other programs.
McFadden said as of two years ago the law changed and interest income can’t go to the general fund, but it could go to other areas such as special education or capital outlay.