The Bond County Unit 2 Finance Committee learned Monday evening that money will need to be transferred from the working cash fund to the operations and maintenance fund, which currently has a deficit.
Superintendent Wes Olson said before the fiscal year ends on June 30, the district may have to move as much as $165,000 into the operations and maintenance fund. The plan is to request that the board transfer the first $20,000 during its meeting Monday night.
He told the Finance Committee members there are several reasons for the current fund deficit, the majority of which is the increase in utilities.
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If $165,000 has to be transferred, it would leave about $493,000 in the working cash fund.
The superintendent also had some good news regarding income, noting the district had received their third categorical payment, despite previous rumors that they may not.
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The state’s categorical payments for Unit 2 total $250,000 to $280,000 per quarter.