March 6, 2007
RICH TOWNSHIP HIGH SCHOOL DISTRICT 227
BUDGET AND FINANCE COMMITTEE MEETING
MARCH 6, 2007
The Budget and Finance Committee of the Board of Education met on March 6, 2007, in the District Administrative Center, Olympia Fields, Illinois.
Mr. Brunson called the meeting to order at 6:00 p.m.
Present: Brunson (Chair), Moten (Member)
Also Present: Mrs. Brookins, Mrs. Owens, Mr. Jasinevicius, Mr. Hunigan, Mr. Hampton, Mrs. Treichel, Mr. Marty Edmondson, Ms. Cynthia Sah
Mr. Hampton presented a letter to the Board from First Industrial Acquisitions, Inc. The letter states that if the Board approves a tax abatement for First Industrial, First Industrial will donate the sum of $20,000 to the District’s Foundation. First Industrial is asking for a tax abatement in the amount of 51%, which is the same dollar amount as the tax abatement they are asking for from District 159. Regarding the internship programs for students from District 227, First Industrial will encourage end users to offer these internships. They can’t promise the internships as they will not be the end users of the property.
Mr. Hampton noted that Mr. Izzo is working on the Agreement with First Industrial. Mr. Hampton will have an updated spread sheet regarding tax figures for the Board.
Mr. Brunson and Ms. Moten agreed that the abatement could be on the agenda for the Board’s March 19, 2007, meeting.
Ms. Cynthia Sah, auditor for the District, presented a report on the June 30, 2006 audit. She noted that, with the closure of the Rich Township Treasurer’s Office, there were issues regarding the bookkeeping for the District. She presented a preliminary draft of the Audit Report.
Ms. Sah noted that the budget was balanced. The District had received a 3.9 rating out of a 4.0 from the Illinois State Board of Education, which gives the District financial recognition. Ms. Sah stated this was a great achievement.
Ms. Sah presented a report on the District’s Student Activity Funds. She noted these are local monies but still district monies. Students have a right to actually control the funds.
Mr. Brunson asked for policy recommendations on the Student Activity Accounts. Mr. Hampton stated that another meeting of the Budget and Finance Committee will need to be scheduled within the next couple of weeks.
Budget and Finance Committee
Ms. Moten asked about fundraisers for the schools. Mr. Hampton responded that there needs to be a policy developed regarding fundraisers.
Mr. Hampton noted he will make a recommendation at the March 19, 2007, Board meeting to approve the tax abatement for First Industrial Realty and to accept the Auditor’s Report.
At 7:29 p.m. Mr. Brunson adjourned the meeting.