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$10.9 M Balance in Schools General Fund

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    Posted: Aug 24 2015 at 3:02pm
Board Finance Subcommittee: Mr. Tom Leeds reported that the District ended the year with $10.9 million balance in the General Fund. He said that was the result of spending within the limits set by the budget. 

Mr. Leeds also reported that as a result of the structure of Monroe's building bond payment schedule, there will be a need to increase the mills - closer to the amount approved when the levy was passed. This will be necessary to collect enough money to meet our mortgage obligations. He said that the County Auditor sets the mills each year. In the past several years, they decided to reduce the mills because less money was needed to meet the bond requirements over the last couple of years. They also wanted to give the community tax relief. However because of the bond schedule and annual debt payments, the Auditor will be required to re-set the current mills so they are closer to the approved amount to satisfy the bond requirements. The original levy approved by the voters was for 8 mills to build the new school. Over the last three years, the Auditor collected two and three mills, which in the end does not collect enough to meet the debt obligation. 

Source: REGULAR BOARD MEETING 
OF THE MONROE LOCAL SCHOOL DISTRICT 
BOARD OF EDUCATION Minutes
July 20, 2015 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Monroe News Quote  Post ReplyReply Direct Link To This Post Posted: Sep 22 2015 at 2:57pm
Motion by Carpenter, seconded by Grant to approve the Treasurer's Financial Report presented by Mrs. Cahall. The cash reconciliation report shows as of July 31, 2015. The General Fund balance is $11,250,184. The ending month balance for all funds was $15,105,516. 

Source: REGULAR BOARD MEETING
OF THE MONROE LOCAL SCHOOL DISTRICT
BOARD OF EDUCATION
August 17, 2015

Note: The district ended the last school year with $10.9 Million in the General fund, at the end of July there is $11.25 Million.
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