Unit 2 Finance Committee Addresses Cash Flow Issue

The Bond County Community Unit 2 Finance Committee met Monday evening and cash flow was once again a topic.

The school board will be asked to consider approving a resolution to establish a line of credit with a local bank, in case funds are needed due to the financial situation.

Real estate tax disbursements will be received later this year. Superintendent Wes Olson said he has talked to County Treasurer Katie Weiss, and she indicated there might be an opportunity for her to release some of the tax funds for Unit 2 earlier than scheduled.

The board will also be asked to consider making a loan from the working cash fund to the operations and maintenance fund for July expenses.

The superintendent reported that Carl Holman from the Illinois State Board of Education recently visited to talk about Unit 2 finances with district representatives. Since Unit 2 is currently in a financial warning status with the state, Holman said the district will be required to submit a new fiscal year budget with a deficit reduction plan, plus quarterly cash flow reports.

The board is expected to adopt a new budget at the September meeting.