Board approves $750,000 line of credit to cover cash flow

What happened

On March 12, 2026 the board approved a $750,000 line of credit through Old National Bank. In August, the finance focus group said the district expects to pay close to $50,000 in interest on short-term borrowing this year because it does not have enough savings to cover payroll between state aid payments.

Why it matters to families

Interest on borrowing is money that does not go to classrooms. Reducing it is one stated goal of the referendum.

The evidence

The March 12, 2026 minutes record a unanimous vote "to approve a $750,000 line of credit through Old National Bank." In the August 13, 2026 recording (automatic captions) a board member says, "with short-term borrowing, based on the need that we have, we will pay likely $50,000 in interest."

The source