07 Action Items
Board Business Meeting Packet July 16, 2012 Action Items BOARD OF EDUCATION July 16, 2012 Finance AGENDA ITEM: Renew the emergency line of credit of $10,000,000. PRESENTING: David Hazen DESCRIPTION: The District maintains a line of credit with the Districtʼs bank, Wells Fargo. The line of credit is used when the annual cash flow borrowing is not sufficient to meet expenses. This yearʼs cash flow borrowing estimate is based on timely receipt of State, Local and Federal funds. The cash flow estimates were based on prior year patterns. While the Districtʼs short term cash flow borrowing should be sufficient, the emergency line of credit is a precaution. During the 2011/12 school year, the line of credit was not utilized. FISCAL NOTE: If the line of credit is used the interest rate is 5% payable only for the time the money is used. If the line is not used, there is no cost. RECOMMENDATION: Approve the Line of Credit renewal. ACTION TAKEN: Board Consent Agenda Board of Education Racine Unified School District 3109 Mt. Pleasant Street, Racine, Wisconsin 53404 RACINE UNIFIED SCHOOL DISTRICT OFFICIAL PROCEEDINGS Dennis Wiser, President Gretchen L. Warner, Clerk Racine, Wisconsin June 18, 2012 The Board of Education of the Racine Unified School District of Racine County, Wisconsin, was called to order at 6:30 p.m. on Monday, June 18, 2012. 2. ROLL CALL The following Board members were present: Pamala Handrow, Susan F. Kutz, Julie L. McKenna, Don J. Nielsen, Kim Plache, William S. Van Atta, Gretchen L. Warner and Dennis Wiser. Absent - Melvin Hargrove.
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