School Board approves 1st reading of fund balance policy

By on December 2, 2011

by Keith Beebe
KANELAND—The Kaneland School Board on Monday voted 6-0 to approve a fund balance policy on first reading.

Board Trustee Ken Carter was absent from the meeting.

The board recommended small adjustments to some wording in the policy. Any changes will reflect in the policy’s second reading, which will take place at the next School Board meeting.

“The wording changes that were made in the policy just gave the board a little more latitude in determining what it will do if our fund balance dips below 45 days cash on hand at the low point in the year,” Superintendent Jeff Schuler said.

According to Schuler, the Kaneland School District’s current fund balance is in line with the policy requirement of 45 cash days on hand; however, circumstances, such as the possibility of the state not sending payments to the district, do exist.