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Lake suspends board scholarships PDF Print E-mail
Written by DEBBIE ROGERS Sentinel Staff Writer   
Friday, 28 June 2013 11:14
MILLBURY - Low interest rates can be great for refinancing a mortgage or getting a car loan. But they're terrible for savings accounts.
Because of the havoc the rates have wreaked on one account, the Lake Board of Education has decided to suspend handing out board scholarships to graduating seniors.
Treasurer Jeff Carpenter said the board usually hands out about a dozen $500 scholarships annually, totaling between $6,000 and $8,000.
The scholarship money comes from interest made off the student activity accounts. Low interest rates over the last few years have taken a toll on the account, though, and the board had to shift $5,629 from the general fund to the scholarship fund to cover the loss. The action was taken at Wednesday's meeting.
The money move, Carpenter said, was an advance and not a transfer, meaning the amount will eventually be returned to the general fund.
"You don't want to take general fund money for scholarships," said Tim Krugh, board president.
Carpenter said the board scholarships have been a Lake tradition and have been offered "forever."
Also at the meeting, the board:
•    Heard construction on an expansion to the high school is running about two days ahead of schedule. The new classrooms will be open in August when school starts.
•     Heard an alternate transportation plan will go into effect this coming school year, allowing open-enrolled students who are in the care of a relative or daycare provider within Lake to ride the bus.
•     Approved final appropriations for the Fiscal Year 2013 (July 1, 2012 to June 30, 2013) of $21.7 million. Three-month temporary appropriations (from July 1 through Sept. 30) of $6.1 million were also approved.
•    Accepted donations of $2,370 from Jill Besgrove Scholarship Fund, $203 designated to the music department from the class of 1962, and Lake yearbooks from the family of Robert and Dondus Schober.
•    Accepted a plaque from David Takats, Goodwill Industries, thanking Lake Elementary students for collecting 1,100 pounds of household donations this past school year.
•    Went into executive session to discuss employment and compensation of personnel and negotiations. No action was taken.

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