OTTUMWA —
If you get government money to run your organization, there are a lot of rules to follow.
For example, a district can’t just use money for heating a building to purchase text books, even if there’s heating money left over. Not without following the law.
For example, the business department knows that in order for them to move money around for the Ottumwa Community School District, they must officially ask the board to vote to authorize an inter-fund loan of $450,000 from the general fund to the management fund.
In this case, the board has to be informed that the Ottumwa school district money in one bank account will move to their other account.
Other rules: That transfer will have an annual interest rate of 0.6 percent, may be paid back in partial installments and will be repaid in its entirety prior to May 1, 2013.
Also Monday will be a public hearing at which any person may speak about the proposal to build team and lavatory facilities at Schafer Stadium.
Finally, the board will decide on “depository limits” recommended as: South Ottumwa Savings Bank, $23 million; US Bank, $5 million; Wells Fargo Bank, $5 million; MidWestOne Bank, $5 million; Community 1st Credit Union $5 million and Meridian Credit Union, $100,000.
The meeting is scheduled for 6 p.m. Monday at the Central Office located on McCarroll Drive. The public is welcome to attend.
Local News
July 7, 2012
Careful controls for school finances
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