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The 2011-2012 Audit was review by the Princeton Park District Board at last night’s meeting. Executive Director Elaine Russell said that their goal was to increase the cash and stop spending down and the audit shows they’ve done a good job with that. She said that in almost every one of the 11 funds they’ve had an increase in revenue over the previous year. An example of that is last year’s cash assets were $742,659 and this year they’ve increased by $253,287. Another example was the Park District or Corporate Fund. Last year they were in the negative with $134,174 and this year they are up by $32,517. Park Board
Attorney Bob Russell pointed out that the increase in revenues is a result of efficiencies in the district and not because of an increase in taxes. The audit will be approved at the next regular meeting on December 3rd. In other business, letters of solicitation were sent to four area banks for the $810,000 General Obligation Bond. Two banks responded. Attorney Bob Russell suggested the board go with Centru Bank, which bid 1.3 percent annually and included all fees. The board approved. In Executive Session the board voted Andy Marti as a replacement board member for the vacancy due to the resignation of Carl Pacunas.
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