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The amount of money annually transferred from the Income Tax Permanent Improvement Fund to a maintenance fund within Wapakoneta City Schools is being increased.
Wapakoneta City Schools Treasurer Susan Rinehart said the increase, which was approved during a regular meeting of the Wapakoneta City Schools Board of Education, would be from $158,424 to $208,000.
She said the recommendation to make the change was hers and is one of the ways she is trying to get things in place prior to her planned retirement in August 2013.
“When you enter into a building project with the state, you are required to put a 0.5 percent realty tax on the ballot,” Rinehart said. “We petitioned the state not to put another tax on the ballot and instead use our income tax and PI (permanent improvement) money because it was high enough.”
The original dollar amount used for that was set by statue in 2007 and was to be set aside for 23 years, as part of doing the building project was a requirement to formulate a written maintenance plan.
A change in the company providing services increased costs to the new amount being transferred, but included all parts on a three-year contract, compared to the company the district had previously used being $300,000 higher in costs.
“So we saved that off the top,” Rinehart said.
She said the increased transfer would ensure adequate funding in the maintenance fund and make sure it is set aside each year.
“By law, everything has to be separate and accounted for so we are just getting this set up,” Rinehart said.
By taking money needed for the maintenance fund out of the Income Tax Permanent Improvement Fund, they would know how much they had left there for other expenses, such as books, buildings and buses. All items paid for with permanent improvement money must last five years or more.
“Moving more money into the maintenance fund, they would know how much they have for other things that need funding,” Rinehart said.
Wapakoneta City Schools Superintendent Keith Horner said he felt amending the annual transfer amount was necessary.
In other business, Wapakoneta City Schools Board of Education members approved Ohio Northern University students to use Wapakoneta City Schools for their field and clinical experience, and the employment of two para-educator substitutes and two secretary substitutes for the 2011-12 school year.
Board members met in executive session following its regular meeting for the appointment or employment of a public employee or official with no action taken.