Dist. 211 approves fund transfer to pay for improvements
The Palatine-Schaumburg High School District 211 board of education approved one of two fund transfers Thursday so the district can pay for upcoming capital improvement projects with its reserves.
For the 2013-14 budget year, the district is using $6.1 million from the operations and maintenance fund to complete renovations at Palatine High School, specifically the kitchen, guidance and main office area. Another $2 million will also be used to pay for the initial phase of Conant High School's pool renovations.
In the 2014-15 school year, the district wants to use another $9.6 million from the fund to pay for two additional pool renovations, updated auditorium lighting and sound systems at two schools and the remodeling of Conant's front office.
However, all the spending would bring the fund below the board-established operating fund balance requirement of being at least 33.3 percent of next year's expenditures.
There is currently about $19 million in the operations and maintenance fund.
To avoid that, the board agreed Thursday to transfer $6.1 million from the operations and maintenance fund to the capital projects fund, which can only be used for ongoing construction and site improvement projects. That will cover the renovations going on at Palatine High School this summer.
Then, the board hopes to permanently transfer $15 million into the operations and maintenance fund from its education fund to fund all five swimming pool expansion projects.
There is currently about $112 million in the education fund.
By using the existing reserves in the educational fund, the fund balance reserves would remain at approximately 50 percent of next year's expenditures.
A public hearing regarding the permanent $15 million transfer will be held at 7:30 p.m. Thursday, July 11, at the G.A. McElroy Administration Center, 1750 South Roselle Road.