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District 113A Board to Discuss Negative Cash Balance, Interfund Loans

The Lemont-Bromberek Combined School District 113A Board of Education will hold a special meeting Wednesday night to discuss financial issues tabled during last month's business meeting.

According to district documents, board members will be presented information from the Illinois State Board of Education on how to address a negative cash balance in the Education Fund, which was reflected in a preliminary draft of the district's 2011-2012 budget.

The board will also discuss the Illinois School Code for interfund loans, per the request of Board President Mike Aurelio.

On July 19, District 113A board members were presented a tentative budget for fiscal year 2012, which showed a negative beginning cash balance of $329,568 in the Education Fund. Per Illinois State Board of Education guidelines, school district budgets must show a zero or positive balance at the end or beginning of any fiscal year.

In order to “zero out” the cash balance, two resolutions for interfund loans were presented to the board by former District 113A Treasurer Jay Tovian, who is still serving the district as a consultant to new business manager Barbara Germany.

One resolution was to move $225,568 from the Operations and Maintenance Fund to the Education Fund, while the other was to move $104,000 from the Transportation Fund to the Education Fund.

During the discussion, however, confusion arose over the date on both resolutions. According to the documents, the transfers would be effective June 29, 2011, leading Aurelio and Board Member Al Malley to question whether funds had already been transferred without their authorization.

“We transferred money without a board resolution, which is a law,” Board President Mike Aurelio said during the meeting. Pointing out the June 29 date on the resolutions, he said he wanted to know the legality of transferring funds without board authorization.

Per the request of District 113A Supt. Tim Ricker, the board tabled the discussion to seek the advice of legal counsel and ISBE officials. In a follow-up interview with Patch, Ricker denied that any illegal fund transfers had occurred.

Deb Vespa, ISBE division administrator for business services, said she spoke with administrators regarding the negative cash balance, and was not aware of any fund transfers. The state board planned to work with the district on strategies to address the negative cash balance, she said.

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