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Planning ahead

Gilman School Board sets up new long term capital improvement fund

t started with $100.
The Gilman School Board approved a resolution at Monday’s meeting which establishes a long-term capital improvement trust fund for the district. The account, known as fund 46 in school finance lingo, is a five-year trust account to pay for future improvements. Districts which use fund 46 must also create a 10-year capital improvement plan to use the resources once they have matured.
When a school district put money into its fund 46 account, the transfer comes from the general account, known as fund 10. In Gilman’s case, the first transfer was $100. Gilman district administrator Georgia Kraus said future decisions on how much money it will transfer to the fund will likely come at June board meetings, when it is clear if there are any unspent funds in the yearly budget. Similar decisions are made every year, with the board deciding if the money will be rolled over as fund balance or spent ahead before the next budget year.

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