The Plymouth School Board passed a resolution at their November meeting concerning increasing the corporation’s Rainy Day Fund. Superintendent Daniel Tyree and Business Manager Kandi Tinkey shared their recommendation that a $3-million level would be adequate for the fund.
The recommendation came before the Board in a resolution that allows the corporation to continue adding to the fund and meet that number over the next seven to ten years.
Tyree said, “We sat down after the last meeting and went through what we thought would be a good goal. $3-milliom is what we’d like to build the Rainy Day up to.”
After the meeting, Tinkey said the current balance in the fund is $587,851.99. She said they will be making a re-payment to the fund in December for a loan that was needed for transportation and bus replacement. She said, “Years ago we would borrow from the state bond bank.” By borrowing from their own fund, the corporation did not incur any interest.
Once the December payment is made, the balance in the Rainy Day Fund will $1,187, 851.99.
According to Tinley, Spending from the Rainy Day Fund would be included in the annual budget and need to be approved by the School Board and by the DLGF (Department of Local Government Finance).
Board President, Todd Samuelson said, “As we consider different uses of funds-whatever those might be-my thought process was that without something, at least, and this is not binding. This is a goal.”
The resolution was passed on a vote of 4-0-1. Board member Robin Cupka had only been appointed at the beginning of the meeting and said she had not reviewed the agenda and would abstain from voting.
Carol Anders Correspondent