The Oxford Schools Board of Education recently voted unanimously to move $600,000 from their general fund their public improvement fund.
According to Assistant Superintendent Ron Franey, the board established the public improvement fund one year ago to assist with ‘large ticket? capital items. The board opened the fund last year with $600,000.
‘We didn’t do any projects with the money last year,? said Franey. ‘We have done several this year though.?
To date, the district has painted the facing on the front of Lakeville Elementary, put two new restrooms in the transportation department building, turned the music room in Oxford Elementary into a regular classroom and purchased four school buses (two regular and two handicapped accessible). A project that is still slated for completion is some new roofing on the older portion of the new Oxford High School.
The district has spent approximately $330,000 total on the four completed projects. The cost of the new roofing has yet to be deducted. In order to replenish the account, Franey recommended to the board to transfer another $600,000.
‘The money comes from the general operating fund,? explained Ron Franey. ‘We didn’t budget for it. We wait until the end of the year and take it from whatever is left over.?
The fund now holds approximately $870,000, and is an interest earning account for the district. Franey stated that at this time, there are no projects set to come for board approval.