Finance staff: district earned more than $2 million in quarter; investments prioritized for security
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Summary
At the Aug. 23 Harnamapapa Schools board meeting finance staff reported the district earned over $2 million in interest in the quarter and described an investment strategy prioritizing principal security, liquidity and yield; the report was informational and required no board action.
Finance staff presented an investment report at the Aug. 23 Harnamapapa Schools board meeting, saying the district earned more than $2,000,000 in interest during the most recent quarter and that investment strategy prioritizes preservation of principal.
The presentation covered beginning and ending balances, inflows and outflows of restricted and unrestricted investments and described the district’s near‑term plan to reinvest maturing instruments before anticipated interest‑rate cuts. Finance staff said the district has increased cash held in investment accounts and is focused first on security, then on earning competitive interest and maintaining liquidity.
“We earned over $2,000,000 interest [in this quarter],” the finance presenter said, adding that staff expect annual interest receipts in the range of roughly $6.5–7.0 million in the coming year (estimate provided by staff during the presentation). Staff said the interest income is available for campus activities and operational uses in addition to state funding.
The report included a review of the types of instruments the district uses and noted that the presentation was an informational review item and did not require board approval. Board members asked clarification questions about what staff meant by “security” (principal protection) and were told exceptions to direct‑deposit rules and other administrative details would be handled case‑by‑case.