Sunday, June 14, 2015

CUSD Using Bond Money ("Building Fund") to Balance Current Year Budget

First Posted Sept. 2014

Late in the Tuesday night CUSD board meeting, the new fiscal adviser, Terri Ryland--during a PowerPoint presentation on the district's Fiscal Recovery Plan--admitted (or disclosed) that the district had recently borrowed (or transferred funds) from the "Building Fund" or Bond Account (a significant amount) in order to balance the current year's budget; I believe it was nearly $2 million. Some of the Trustees were aware, others were not.

This disclosure caught the public off guard, as no one from the public (in attendance at the meeting) was aware of the Bond Account transactions.

This type of "After the Fact" disclosure does not help or make credible the district's claim to "transparency."

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