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Sinking Funds; Legal uses, audits, and changes
Topic Started: Jan 18 2006, 12:54 PM (397 Views)
fyi
Principal
Quote:
 
:
In 1996, East Detroit voters approved a $28-million bond for school construction
and maintenance. Years later, audits showed millions of dollars were wasted and embezzled in a complex scheme between school officials and contractors working on district buildings. School officials received trips to Las Vegas and cash from contractors in return for obtaining district contracts for a construction company.

At the end of the 1999-2000 fiscal year, auditors condemned the district's financial practices and uncovered a $2.4-million deficit, according to the Detroit Free Press. The deficit led to the elimination 37 district jobs and the closure of school technology programs, in addition to unfinished school building projects.

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Sound familiar? Can you say s-i-n-k-i-n-g f-u-n-d?
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Momforone
Principal
You can not fund portables with the sinking fund. They would have to come out of the general fund along with those shiny new busses. Jimid was right about using it only for capital improvements. We were duped into thinking we were doing a good thing voting for the sinking fund. The voters anyways have supported our schools. It's really ashame to think that is was throughly though out. Step by Step!
Can't hardly wait to see what's next.
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fyi
Principal
Momofone
Jan 22 2006, 03:20 PM
You can not fund portables with the sinking fund. They would have to come out of the general fund along with those shiny new busses. Jimid was right about using it only for capital improvements. We were duped into thinking we were doing a good thing voting for the sinking fund. The voters anyways have supported our schools. It's really ashame to think that is was throughly though out. Step by Step!
Can't hardly wait to see what's next.

I guess PORTABLES are not considered an IMPROVEMENT! I would have to
agree with that! I was being sarcastic.
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