The Vandalia School Board will hold a special meeting to approve the paying of the bond and interest for the school district at the end of this month. Vandalia Superintendent Dr. Jennifer Garrison reported on fund balances for the district during Tuesday’s monthly meeting and reported that the Debt Service Fund which is used to pay the bond and interest currently only had a balance of $76,650 at the time which was not enough to make the $1.3 million bond payment. And Garrison says the fund balance was low at the time because of the delay in property taxes in the county this year.
In the days following the board meeting, the district did receive some tax money and that will allow them to make the bond payment following a Special Board Meeting on October 31 at 4pm.
Also during her financial report, Garrison noted that the school is currently missing just over $173,000 in funding from the state.
While the state has been paying general state aid on time for the last few years, the quarterly categorical funds mentioned by Dr. Garrison have continued a pattern of being paid late.