The Mason School District was approved by the School Board for a $1.5 million dollar line of credit despite steady declines in pupil counts.
According to Executive Director of Business and Finance Chris Petrimoulx, the money is to be allocated to the month of October.
“Our state aid is given to us in 11 monthly payments throughout the year,” he said. “October happens to be the month where we don’t receive a payment.”
Additionally, the state aid is determined by pupil count so there may be minor adjustments to the amount of aid throughout the year.
“We have seen a steady decline in pupil count and state aid,” Petrimoulx said.
The line of credit is being provided by Dart Bank but the money has not actually been borrowed yet, according to Petrimoulx. He said the board has simply given him the approval to sign the documents that will enable the school to borrow the money that will be used to cover the operating expenses in October.
Petrimoulx is new to the district and acquired the position of executive business and finance director within the last year. He said that in that time period, he does not recall the school district having any serious financial issues such as repayment of a loan. However, the school has not had to borrow money since 2007 according to the minutes of Monday’s school board meeting.
The board meeting on Monday lasted exactly 11 minutes before it went into closed session. Items discussed in closed session, according to the agenda, included: district supervisors and director’s contracts; information technology support staff contracts; central office support staff contracts; IUOE secretary/tentative office agreement; and superintendent’s contract.
According to Superintendent Executive Assistant Marlene Lieder, none of the items could be passed or approved if the meeting is in closed session.