Grayslake Schools Spending on Track, Finance Panel Says
Waller, C. L., Daily Herald (Arlington Heights, IL)
Byline: C. L. Waller Daily Herald Staff Writer
In answering previous public comments about spending in Grayslake Elementary District 46, members of the citizens finance committee on Monday said the district will have a $2 million balance in the education fund it cannot afford to spend.
At school board member John Carol's request, committee members presented the district's financial outlook.
Finance committee member Robert Wasserman said during a regular school board meeting that because of state payments arriving on time, the fund has an unexpected balance that is "a good start" toward following the Illinois State Board of Education Educational Fund Financial Analysis Guideline. That guideline says $5 million should be the fund balance in District 46.
District 46 board members spent down fund balances about three years ago before asking voters for a tax increase and while Grayslake Community High School District 127 was trying to get voter approval for tax increases. Since then, voters have defeated two consecutive requests by the elementary school district to increase taxes for operations and to build a new school.
Committee member Laura DeSpain Olmsted pointed out that spending all of District 46's money in the working cash fund, as suggested by one community member, does not help build a fund balance. …