From Roger Kempa’s letter on March 3, 2014, suggesting the District invest with IMET:
That will leave an estimated $25,800,000 earning 0.3709%,or $95,692 versus $13,980 without the planned change. As comparative example on an annual basis, this simple change means additional interest income of $81,712.
“This simple change.” Just drop 43,000,000 dollars into a fund, including tax dollars that are meant to fund daily operations for our schools, then lose access to $1,200,000.
The problem here is the thought process that running schools is “simple.” Mr. Kempa, the Treasurer under Finance Committee Chair Ed Corcoran, outlines a belief that many “reformers” of public education espouse: that those running our schools just aren’t smart enough to do it. That principles from other industries, like business, technology or medicine are applicable in whole, without modification, to education. That if administrators or board members could just use the wisdom they have gained from other exploits while running school districts, everything would be better.
Losing $1,200,000 ought to temper this enthusiasm. It isn’t just “simple.” Running school districts requires experience and collaboration. Running school districts isn’t about the lowest bidder, but the best outcome. Running a school district isn’t about pursuing a political agenda but about doing what’s best for students. Most of the time, those aren’t necessarily “simple” changes. School districts are complicated. Not simple.
It’s been an expensive lesson.
Despite all of the bluster and political posturing from Mr. Corcoran and his allies during recent negotiations, a new report from S & P, a respected, international ratings agency, shows that the District is in excellent financial shape, that the system works as it currently exists, and that no dramatic changes need to be made for the tradition of excellence to continue in the District.
Even though Mr. Corcoran and his allies claimed that the teachers’ contract would create deficits, the report clarifies that District 86 had a surplus of 1.6 million dollars in 2014.
Mr. Corcoran also led many to believe that pension obligations would sink the district’s finances. The report counters that claim as well, citing pension obligations’ “minimal impact” on District finances.
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The announcement on Friday that a former part-time teacher is being criminally charged saddens us deeply. Nothing is more important than the safety of our students and criminal behavior like this is reprehensible.
“It’s a tragedy,” said HHSTA President, John Bowman.”This person breached a trust that should be inviolable.”
Teachers in the HHSTA place the utmost importance on the physical and emotional well-being of the students of Hinsdale Central and Hinsdale South and will continue to work to ensure the safety of every student.
Instead of following the procedures outlined in Board policy, Skoda has personally added an agenda item for the April 27th Board meeting which may be a final attempt by the Skoda Majority to disregard its policy and appoint one of their own to the board.
Please attend the board meeting and encourage all current board members to do everything they can to prevent the Skoda Majority from pulling one last deception on the community.
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The Chicago Tribune is reporting that District 86 has suffered a 1.2 million dollar investment loss.
According to the Tribune:
The loss hit some public bodies especially hard because they had deposited in IMET property tax receipts received in September. Hinsdale High School District 86, for example, had $17 million in the Convenience Fund in August, said Bill Eagan, chief financial officer. That account ballooned to $43.2 million the next month.
After making an initial investment, the Skoda Majority decided to include tax receipts – money it receives through property taxes – into the Fund.
The devastating financial losses are the 2nd highest loss for a K-12 school district. Only Proviso Township schools lost more at just over 2 million.
In 2012, IMET began investing investing in sham investments with a Florida company run by a 31 year old CEO, instead of the more typical investments for public entities.
District 86 began investing in IMET shortly afterward in March of 2014 under the Finance Committee leadership of Mr. Corcoran and at the behest of Roger Kempa, a Skoda Majority appointee whose employment was approved less than a month earlier at the February 24th board meeting.
Congratulations to these Make a Difference Award winners from Hinsdale Central:
Kristen Bronke - Dean’s
Gia Georgeow-Maniscalco - Guidance
Myles Laffey - Library
Michael Smith - English
April Tatro - FACS
Kimberly Williams – English
Becky Wilcox - English
Hinsdale Central’s PTO awards the Make a Difference Award to faculty and staff members who are nominated by students, parents, and teachers for “going the extra mile” and rewarding “acts of kindness”. Check the PTO’s website to view a list of nominees and past winners.