District 113A Holds Special Meeting to Discuss School Finances

School finances will be at the forefront Tuesday during a special meeting of the  Board of Education.

Board members will begin discussing the budget for the 2012-13 school year Tuesday night as they consider a fiscal plan for staffing, according to the meeting agenda.

The board will also consider the creation of a working cash fund and bond sale, an idea introduced by Interim Superintendent Robert Madonia and representatives from PMA Financial .

According to PMA advisers Bob Lewis and Don Weber, the board could reinstate its working cash fund by issuing a bond that would reallocate about $1.6 million from its bond and interest fund. The measure would have no effect on Lemont taxpayers, Lewis said.

During the meeting, all seven board members agreed that issuing a working cash bond would be in the best interest of the district.

"The (working cash bond) really gives us more possibilities and brings up some of that money that we could never touch," Board Member Al Malley said.

Board members also agreed that a policy should be in place that restricts the fund's use to transfers to other funds in times of need.

During Tuesday's special meeting, the board will hear a presentation on school finance, and discuss a possible March meeting date for the district's finance and audit commitee.

The meeting will be held at 7 p.m. in the , 16100 W. 127th St.