July 23, 2014 at 2:10 p.m.
South Adams forced to borrow (11/12/03)
Slow tax collections a cash-flow problem
BERNE — South Adams School Board members voted unanimously on Tuesday to advertise for a loan against anticipated 2004 tax warrants.
South Adams Supt. Connie Bailey said the corporation will advertise for $2 million for the general fund and another $200,000 for the debt service fund.
These loans will pay for expenditures during 2004.
The corporation has not received local funds for 2003, and Bailey anticipates that money will arrive either Dec. 30 or 31. In addition, the corporation will not get its state support payment until December of 2004, which Bailey says makes the loan a necessity.
If the corporation should experience further budget shortfalls, they could advertise for a loan against state funds, but administrators are unsure if that will be necessary. The corporation plans to borrow close to 80 percent of its anticipated local income.
In other action Tuesday, the board unanimously:
•Granted permission to advertise for the purchase of a new 72-passenger school bus. The bus replacement plan had included the purchase of one bus in 2003.
•Appointed the opening bid committee, which will consist of Bailey, Tony Muhlenkamp and John Crider .
•Accepted the first reading on the policy revision for retirement management. This policy ensures that the corporation set aside money guaranteed for severance pay for retiring employees. The money set aside will only apply for local retirement funds.
•Voted to advance $100,000 from the general fund into fund #63, retirement benefits for non-certified staff. This advance is in compliance with State Board of Accounts rules, and covers current retirement benefits for non-certified staff members in the school district.
•Voted to hire Denise Habegger for a temporary contract to work at South Middle School. She will work with the choir.
•Approved the following conference requests: Scott Litwiller, Indiana Principal Fall Conference, Indianapolis, Nov. 16-18; Julie Reef and Anita Goodwin, Reading Recovery Conference, Columbus, Ohio, from Jan. 31 until Feb. 3; Gary McMillan, National Conference for Career and Technical Education, Orlando, Fla., on Dec. 11-12; Curt Amstutz, Midwest International Band and Orchestra Clinic, Chicago, Ill., Dec. 17-20; Steve Rhoads, National Athletic Directors Conference, Indianapolis, Dec. 14-17.[[In-content Ad]]
South Adams Supt. Connie Bailey said the corporation will advertise for $2 million for the general fund and another $200,000 for the debt service fund.
These loans will pay for expenditures during 2004.
The corporation has not received local funds for 2003, and Bailey anticipates that money will arrive either Dec. 30 or 31. In addition, the corporation will not get its state support payment until December of 2004, which Bailey says makes the loan a necessity.
If the corporation should experience further budget shortfalls, they could advertise for a loan against state funds, but administrators are unsure if that will be necessary. The corporation plans to borrow close to 80 percent of its anticipated local income.
In other action Tuesday, the board unanimously:
•Granted permission to advertise for the purchase of a new 72-passenger school bus. The bus replacement plan had included the purchase of one bus in 2003.
•Appointed the opening bid committee, which will consist of Bailey, Tony Muhlenkamp and John Crider .
•Accepted the first reading on the policy revision for retirement management. This policy ensures that the corporation set aside money guaranteed for severance pay for retiring employees. The money set aside will only apply for local retirement funds.
•Voted to advance $100,000 from the general fund into fund #63, retirement benefits for non-certified staff. This advance is in compliance with State Board of Accounts rules, and covers current retirement benefits for non-certified staff members in the school district.
•Voted to hire Denise Habegger for a temporary contract to work at South Middle School. She will work with the choir.
•Approved the following conference requests: Scott Litwiller, Indiana Principal Fall Conference, Indianapolis, Nov. 16-18; Julie Reef and Anita Goodwin, Reading Recovery Conference, Columbus, Ohio, from Jan. 31 until Feb. 3; Gary McMillan, National Conference for Career and Technical Education, Orlando, Fla., on Dec. 11-12; Curt Amstutz, Midwest International Band and Orchestra Clinic, Chicago, Ill., Dec. 17-20; Steve Rhoads, National Athletic Directors Conference, Indianapolis, Dec. 14-17.[[In-content Ad]]
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