The Knox Community School Corporation made more than $121,000 in interest off of its cash reserves in 2018. Superintendent Dr. William Reichhart gave the annual investment report to the board of finance Tuesday. “On our checking account through the calendar year 2018, we’ve received $116,139.16 in interest, which is awesome,” he said, “because a few years ago, we were getting nothing, almost, out of that.”
Meanwhile, the school board’s decision back in October to place up to $2 million in a certificate of deposit is already paying off. “For November, we received $4,976.99 off of that account,” Reichhart said, “and so that brings us to a grand total of $121,116.15, which is just off of our interest on our checking and our CD accounts. So that’s really good news because that’s money that we can use.”
Reichhart explained that money can be used to support teacher salaries, and the income was factored into the school corporation’s budget.