East Central Reporter

Arcola Community Unit School District 306 Finance Committee met July 2.

Here are the minutes provided by the committee:

Present: Tom Mulligan, Superintendent; Board Members: Lucas Shonkwiler, Sue Stout, Julie Sanchez, and Jeremy Shonkwiler. Visitor - Ben Crane. 

The meeting was called to order at 5:00 pm. The following items were discussed: 

A. Bank Terms – Dr. Mulligan presented some comparison information between the proposal offered by Peoples Bank and Arcola First Mid. He discussed the fee schedule and the interest rate offers. He also presented some financial figures on investment income with the two proposals and also in comparison with the Illinois Institutional Investor Trust (IIIT Fund). The district has around $3,000,000 invested with this trust currently. At this point, the finance committee is leaning towards recommending to the full board to select Arcola First Mid as the bank depository for the district because this provides the most flexibility for the district in terms of maximizing investment income. 

B. FY 24 Budget in Review – Dr. Mulligan presented a summary to the board about how the district ended the FY 24 school year relative to the budget. The district ended in better financial shape than was originally budgeted. 

C. FY 25 Revenue and Expenditure Budget – Dr. Mulligan presented and reviewed the detailed budget for revenue and expenditures. The breakdown showed a comparison between revenue and expenditure received in 2023-2024 and those budgeted for 2024-2025. 

The finance committee meeting adjourned at 6:15 pm.

https://core-docs.s3.us-east-1.amazonaws.com/documents/asset/uploaded_file/426/Arcola_CUSD/4586788/Minutes_FINANCE_Committee_-_July_2_2024.pdf