FRANKFORT, Ill. (AP) - A suburban Chicago school district is admitting its “true financial condition” had been “masked by improper accounting.”
Lincoln-Way High School District 210’s school board said in a statement released late Friday the lack of a proper system of checks and balances and unauthorized actions by a previous superintendent is the fault of the board. The board’s admission came with the release of a report that revealed improper accounting and management of bond proceeds from 2006 to 2012.
Voters approved a $225 million referendum in 2006 to fund two new schools and make improvements at the district’s existing campuses. District officials say about $4.6 million was incorrectly expended for noncapital purposes. The district will have to borrow to replace the money.
The board has voted to close Lincoln-Way North High School this year as a cost-saving measure.
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