Lincoln Way CHSD 210 Board Approves Nearly $2.9 Million in Invoices, OKs Interfund Loan

The Lincoln Way Community High School District 210 Board of Education on April 18 approved invoices totaling $2,897,229.85 covering March 22 through April 18, accepted the treasurer's March financial report and authorized an interfund loan to manage seasonal cash-flow needs.

During the invoices discussion, a board member noted higher dental and medical claims for the month; the business officer (Mike) said those costs were slightly higher than recent months but that the district is still "trending within budget." The invoice approval motion was moved and seconded and passed by unanimous vote.

Mike presented the treasurer's report: March revenues were about $3.5 million, expenses about $9.7 million, and the district's total cash as of March 31 was $21.6 million. He reported investment income is above budget year-to-date (blended rate of return of 5.3% in March) and said administration will recommend how to allocate excess investment revenue through either a transfer or a formal budget amendment to be presented in May and June.

To protect cash balances during the seasonal low point before tax revenues arrive, administration proposed an interfund loan of $2.25 million from working cash to the Education Fund, to be repaid by June 30. Auditors reviewed the plan; the board moved, seconded and approved the resolution unanimously.

The student activities account summary was also approved: fund balance $2,364,659, revenues $461,897 and expenditures $393,967; staff said five accounts were temporarily negative due to timing of summer-camp registrations and are expected to return to positive.