School board tables money moves

2013-04-15T23:45:00Z School board tables money movesBob Moulesong Times Correspondent nwitimes.com
April 15, 2013 11:45 pm  • 

SAUK VILLAGE | Consolidated School District 168 board members decided to table a resolution that would pave the way to move $406,000 from a dormant debt service fund to a working cash fund.

The decision came after much discussion on the reason for the move and the potential benefit.

The money is currently in a debt service fund. It is left over from when the district had unpaid bonds from previous construction projects.

As long as the money is in the debt service fund, it can only be used to pay debt, such as interest, on long-term loans. The district has no debt and no outstanding loans, so the money is in effect, frozen.

Bloom Township Treasurer Rob Grossi recommended that the board transfer the money to a working cash fund so that it could be used in the future as a rainy day fund.

But Grossi did not attend Monday night’s board meeting, even though he told Superintendent Al Travaglini that he would attend to answer questions.

The board did have several questions that went unanswered.

Board member Ayesha El-Amin wanted to know if moving the money would have any impact on the district’s credit rating for future bonds or loans. She also wanted to know what interest rate the district gets from the debt service fund, and what they would get from the working cash fund.

“We want more detail before we make this decision,” she explained. “Mr. Grossi should be here to explain his recommendation.”

El-Amin commented that this was the second month in a row that Grossi made a recommendation to the district but then did not attend the meeting.

Travaglini said that he would contact Grossi and try to schedule time for a discussion on the topic.

Ursula Hyden, Director of the Paradise Club for Kids, appeared before the board to announce that the club has 40 prom-type dresses and gowns to donate to 8th grade girls who will graduate from Rickover Junior High.

Hyden said that the dresses will be given out on an as-needed basis to those who cannot afford a graduation gown. She also said that if anyone in the community had dresses to donate, she would pick them up and make sure they were distributed to Rickover girls in time for graduation.

The club is just starting up, and has plans to expand their services to children in the south suburbs. Hyden is making plans to have a media day that will focus on their work with local children.

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