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Meeting Date:
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3/9/2022 - 7:00 PM
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Category:
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Consent Agenda Items
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Type:
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Action
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Subject:
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Approval of the Resolution to Authorize Transfer (Repayable Inter-fund Loan) from Working Cash Fund to IMRF Fund
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Vision 2026:
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Financial & Facilities Management 1 Continue to ensure a balanced budget that builds and maintains a fund balance that meets Board policy.
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Background
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Annually, the Board approves interfund loans from the Working Cash Fund to the operating funds to cover shortfalls so that expenses may be paid. The Illinois Municipal Retirement Fund (IMRF) is responsible for contributions to the various pension systems such as IMRF, social security and medicare. We are requesting a loan amount of $750,000 to be repaid with next year's tax receipt.
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File Attachment:
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Summary:
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Funding:
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Board Policy
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Recommendation:
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It is recommended that the Board of Education approve the attached resolution to authorize transfer (repayable inter-fund loan) from Working Cash Fund to IMRF Fund.
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Approvals:
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Recommended By:
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Signed By:
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Kimberly Funkhouser - Treasurer
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Signed By:
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Brian O'Keeffe - Asst Superintendent Business Services
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Signed By:
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Jeff Schuler - Superintendent
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Vote Results:
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| Original Motion | | Member Susan Booton Moved, Member Rob Hanlon seconded to approve the Original motion 'It is recommended that the Board of Education approve the attached resolution to authorize transfer (repayable inter-fund loan) from Working Cash Fund to IMRF Fund.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 6 Nay: 0. | | The motion Carried 6 - 0 | | | | | Brad Paulsen | Yes | | Chris Crabtree | Yes | | Rob Hanlon | Yes | | Susan Booton | Yes | | Mary Yeboah | Yes | | Angela Blatner | Yes | |
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