Agenda Item
Meeting Date: 3/13/2019 - 7:00 PM
Category: Consent Agenda Items
Type: Action
Subject: Approval of the Resolution to Authorize Transfer (Repayable Inter-fund Loan) from Working Cash Fund to IMRF Fund
Vision 2022:
Financial & Facilities Management
Continue to ensure a balanced budget that builds and maintains a fund balance that meets Board policy.
Policy: 4.10 - Fiscal and Business Management
Background: 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 $875,000 to be repaid with next year's tax receipt.
File Attachment:
WCF Loan to IMRF FY19.pdf
Summary:
Funding:
Recommendation: 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.
Approvals:
Recommended By:
Signed By:
Kimberly Funkhouser - Treasurer
Signed By:
Bill Farley - Assist. Superintendent
Signed By:
Jeff Schuler - Superintendent
Vote Results:

Original Motion
Member Chris Crabtree Moved, Member Jim Vroman 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
   
Jim Vroman     Yes
Jim Gambaiani     Yes
Brad Paulsen     Yes
Chris Crabtree     Yes
Rob Hanlon     Yes
Ginna Ericksen     Yes