June 27th Board Meeting -- What Amend to Say About the Budget

The amended Budget for FY 2005 was discussed, and while there were no comments made from the public on the budget, there was some discussion from the members of the board. Board Member Bob Nunamaker asked if the district should have a budget meeting where we can see comparisons with budgets from previous years. In response, Board President Paula Zasadil suggested looking at certain line items for the past three years.

The amended budget was passed unanimously by the board (Gerry Blohm was absent).

The board also unanimously approved repayment of the Tax Anticipation Warrant with an interfund loan, which will also be paid back. An interfund loan is one where the district essentially lends itself money by borrowing from one fund to pay another, then repaying the borrowed fund at a later date. These loans have the advantage of being interest-free.

The budget is a document many pages thick, and it provides a lot of detail. It is available for download from the District 3 website. Also provided was the Treasurer’s Report as of 5/31/2005. This is a one-page document of assets, liabilities, and fund balance. As indicated on this report, the total assets for all funds amount to $1,338162.03, and total liabilities amount to $1,339,674.78, yielding a net loss of ($1,512.75). These amounts take into account an interfund loan of $35,000.00 from the IMRF/SS Fund to the Working Cash Fund.