Perrysburg sets trust fund for schools PDF Print E-mail
Written by ALEX ASPACHER, Sentinel Staff Writer   
Wednesday, 28 May 2014 08:50
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PERRYSBURG - Perrysburg Schools established a new trust fund Monday to get more out of money that's given to the school district.
Limited investment options for money which has until now been part of the general fund will be expanded through the district's Foundation Fund Trust, which will allow the money to be invested through the Toledo Community Foundation.
About $425,000 in the general fund is restricted from such investments by Ohio Revised Code, but routing it through the trust as suggested by a Columbus law firm would substantially increase interest income on the funds, which is currently limited to around 0.25 percent. Proceeds through the Toledo Community Foundation could be roughly around 4 percent, Superintendent Tom Hosler said after the meeting.
"It's got to be better than what we're getting from the banks," said Matt Feasel, the district's treasurer and chief financial officer.
Feasel explained that some of the district's scholarships are based on interest income, allowing the principal to continue generating scholarship funding. But with interest rates so low, some scholarships have been less than $2, prompting him to disburse small additional amounts from the principal to make the award worthwhile, "so they can at least pay for a book."
"We're so limited" by the code," Feasel said. "This gives us another instrument."
The fund will be overseen by a district board comprised of the superintendent, treasurer/CFO, development director, executive director of teaching and learning, and a representative of the Perrysburg Schools Foundation.
Also Monday, the board reviewed classroom fees that are passed on to parents, which prompted board member Walt Edinger to repeat his criticism of assessing fees for required classes.
The fees cover consumable materials such as workbooks that cannot be reused by other students. Passing those costs on to parents was part of a plan formulated during previous levy discussions, Hosler said.
The board approved fee increases 4 to 1 with Edinger voting no, but not before a lengthy discussion of the issues surrounding the policy.
"I've had a problem with this, and I know that we're allowed to do it and I know the money has to come from somewhere," Edinger said.
The fee collections for core courses totaled more than $155,000 this school year, money that would come from the general fund if not assessed to parents.
"These are the ones I would rather see excused from this. ... In my mind, as a public school, these aren't things we ought to be charging an additional fee for," Edinger said.
"I would vote for them if they were for electives. I vote against them because we include core courses."
Also on Monday, Feasel outlined the district's five-year forecast.

Last Updated on Wednesday, 28 May 2014 09:57
 

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