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Board OKs statutory operating debt plan

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education Red Wing, 55066
Red Wing Minnesota 2760 North Service Drive / P.O. Box 15 55066

Board OKs statutory operating debt plan

By a unanimous 6-0 vote Tuesday, the School Board approved a draft statutory operating debt plan as required by the Minnesota Department of Education. According to the district's finance director, Brad Johnson, the plan format is required by law, it must be "data-rich" and it must indicate that the district is aware of how the debt occurred and how to recover from it.

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The district is required to submit the plan by Jan. 30 but is allowed "to continue work on the detail of the budget, referendum and cost reductions beyond the scope of the report," Johnson wrote in his report to the board.

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