Approximately $1.3 million will be transferred from two funds to help pay for current and future District 90 capital projects.
With three members absent, the school board, Monday night, voted 3-1 to allow $1 million to go from the Education Fund to Operations and Maintenance. The second transfer, which was approved 4-0, will allow for the transfer of $300,000 in interest from the Working Cash Fund to also help pay for building improvements.
Voting against the Education Fund transfer was David Latham, who noted after the meeting that a reason for the transfer was not explained.
Money will help cover the costs of roof and masonry repairs at Roosevelt Middle School, emergency backup generators at Willard and Lincoln elementary schools, as well as new field sod at Lincoln, according to Anthony Cozzi, District 90’s director of finance and facilities.
Cozzi added that none of the $1.3 million will be used for exterior aesthetics and circulation of vehicles on the Roosevelt campus, which has been discussed for a year; that issue is tabled, Cozzi said.
This is the second straight year D90 has decided to transfer money from the fund normally used pay for direct education-related expenses to the fund that covers building improvements.
Last year, $2.3 million was transferred to add three classrooms, replace a section of brick facade and windows at Roosevelt. Total cost was $2.7 million.
Last year, Cozzi said in an interview before the board meeting, “we saw that the fund balance was solid and felt it was necessary to transfer the money.”
Transferring interest from Working Cash has been done several times in the last few years, Cozzi said. The total amount of money in Working Cash, a contingency fund, will be nearly $5 million on June 30, the end of the 2013 school year, according to D90’s budget.
