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Finance committee reviews interest earnings, CD renewals and small capital-account transfer
Summary
The finance committee received an interest-earnings update showing multiple accounts generated modest interest year-to-date; staff said a small amount of interest from a capital-project account can be transferred to Fund 32 and noted a three-month CD at 4.1% that expires Dec. 12.
The finance committee reviewed year-to-date interest earnings and recent certificate-of-deposit renewals at its Sept. 12 meeting.
District finance staff reported the general fund had earned $4,729.41 (as of Aug. 30) in the 2025-26 year-to-date summary shown to the committee. Staff also reported total interest year to date of $31,622.21 across accounts; the money-market account accounted for about $28,464 of that total. "The general fund CD was just renewed on 09/11, and we did get interest for the year. So far, our interest is $31,622.21 The money market account has made $28,464 in interest," a staff member said.
The Liberty Curtain capital-project account (Fund 39) showed $13,060 in interest for the year but a current balance of zero because the funds were used to pay recurring bills. Staff said auditors confirmed the small remaining interest may be transferred to Fund 32, also a capital-project account. "Joni checked with our auditors, and we can transfer that to fund 32, which is also a capital projects account," the staff member said.
A staff member provided a sample of recently renewed CD rates: a three-month renewal at 4.1% that expires Dec. 12. Committee members requested that future summary lines include the interest rate and the expiration date for each instrument. "Can we show the percentage of the interest rate for each of these, please, next to the in the same line?" one board member asked, and staff agreed to include percent rates and expiration dates in future reports.
Staff characterized the amounts involved as small on a per-account basis and said the transferred interest would not be sufficient to pay a recurring bill. The committee took the update as informational; no formal action was taken other than the staff direction to include rates and expiration dates in future summaries.
