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 said this week.
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. The Board of Education held its regular meeting Monday, discussing different aspects of the project.
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.