Dexter School District increased its unrestricted cash balance 4 percent in the last fiscal year, part of preparations for a possible $15 million bond measure.
The district is preparing for projects which could touch every campus, Superintendent C.A. Counts explained Tuesday morning. The Board of Education held its regular meeting Monday, discussing different aspects of the project.
The bond measure is expected to go before voters in April, Counts said. It would be an extension of a debt service levy approved by voters for the Bearcat Event Center. The debt service levy would not increase, Counts said.
The board is expected to vote in early October on an energy service company to oversee the project. More specifics about the exact bond amount, a pay off date and what work will be done will be determined after the company is chosen, Counts said.
A project proposal is expected to be finalized by December or early January, he said.
Unrestricted funds were at $7.9 million as of June 30, or 44 percent of the annual operating budget, Counts explained. A healthy cash reserve could be used to help cover any additional project needs beyond the bond measure.
Financial information was covered in an audit that was presented to the board and the state's Annual Secretary of the Board report. A copy of the audit was not available at press time, but is expected before the Oct. 16 regular board meeting.
The ASBR shows the district received $20.4 million in revenue in the last fiscal year.
Expenditures totaled $19.3 million. This includes about $1.2 million in debt service and $11.3 million in spending from the teachers fund.
The district has debt in general obligation bonds totalling $9.6 million and a lease purchase in the amount of $355,218.
In other matters, the board discussed allowing access to WiFi to help ease cell phone service problems in some areas of the district and accepted the resignation of alternative school aid Kayla O'Neal.
Increased spending of $93,190 was approved by the board under budget amendments. The items include a variety of requests, such as professional development travel, Chromebook repairs, supplies for staff and the purchase of equipment.
Missouri Consultants for Education policy updates were also approved regarding electronic data breach notifications, presentations regarding organ transplant and other items.
An assessment plan with testing dates for various campuses was additionally passed by the board.