Carroll County School District now has $300,000 in their District funds from Sixteenth Section interest money, after the board voted to approve the moving of funds in a June 8 meeting.
District Business Manager Bret Reynolds explained that the Principal funds from Sixteenth Section profits go toward paying off previous loans.
Interest funds, however, can be used at the discretion of the District with approval of the board, according to Reynolds, who explained this in a later interview. He said since he joined the district five years ago, the district has reduced their debt by more than 50 percent.
Reynolds explained thanks to the diligent paying off of the School District’s loans, the district has enough left over funds to move the $300,000 into District funds and still have some interest left over. During the meeting, Board President John Phillips quoted a letter from the district that requested the fund be moved specifically to the maintenance fund.
Reynolds said the movement of those funds would help the district get to a healthy fund balance, so the district can get off of probation.
Teresa Vanlandingham made the motion, and Stella Washington Bell seconded the motion. There was no opposition.
