CCSD21 initiates $2.75 million fund transfer from internal service to education fund to support general education goals

The Community Consolidated School District 21 Board of Education on Thursday, Feb. 20, officially approved the process by which approximately $2.75 million will be transferred from the district’s internal service fund to its education fund.

As it transitioned in 2018 from a fully insured medical/dental/vision program to a self-insured one, the district and its union worked together on the reserve for insurance costs and determined that $5.5 million would be allocated for a “safety net.” 

The internal service fund, established two years later, was created to provide full transparency for the financial accounting, expenses, revenues and reserves related to the district’s medical/dental/vision programs, as well as all costs associated with the program.

As the fund has grown over the past couple of years, the district is set to transfer the excess – in addition to providing its employees the December 2024 premium holiday and the planned premium holiday this June – to the education fund. This transfer will support long-term district needs and programs, according to Micheal DeBartolo, assistant superintendent for finance and operations/CSBO.

“By responsibly managing our financial resources, we are able to strengthen the educational experience for our students, support our educators, and continue making strategic investments that align with the district’s long-term goals,” DeBartolo said. “This move reflects our commitment to maintaining financial stability while prioritizing the needs of our students, schools and community, in addition to the wellbeing of our staff.”