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Accounting director reports East Bloss fund balances, custodian bank and upcoming budget updates
Summary
Connie Clark, director of accounting and finance, presented May financials for the district's East Bloss funds, explained custody of funds in Georgia Fund 1, noted an approved May budget amendment that will post in June financials, and identified remaining unallocated balances.
Connie Clark, director of accounting and finance, reviewed the district's May financial reports for the series of East Bloss capital funds and answered committee questions on custody of funds and unallocated balances.
Lede: Clark presented totals and month-to-month expenditures for East Bloss 2, 3 and 4 and said one previously approved May budget amendment reducing East Bloss 4 would be reflected in June financial statements.
Nut graf: The presentation covered recognized revenues, monthly expenditures by project, a reconciliation of unallocated funds in East Bloss 3 and the district's use of Georgia Fund 1 as the custody vehicle for major pooled funds.
Details
- Clark said East Bloss 2 is closed; total receipts and expenditures were reported and the project is reconciled as fully utilized. East Bloss 3 remains open with an unallocated balance of about $2,200,000 as of May 31.
- Clark said the board approved an amendment in May to reduce East Bloss 4's budget to $481,000,000; that change had not yet been included in May financial statements but would be posted with the June 30 financials.
- On where the funds are held, Clark explained the district uses Georgia Fund 1, a state investment pool, to custody major funds rather than a local bank. She said Georgia Fund 1 is commonly used by school districts, cities and counties and that it yields interest rates competitive with other options used by government entities.
- Committee members asked which local banks hold operating accounts. Clark said the district's primary local bank relationship is with "Tourist" and some student activity accounts are held at Bank of America; everyday district accounts remain in local banking relationships obtained via competitive requests for proposals that staff said run approximately every five years with one-year extensions up to seven years.
Discussion vs. decision
- Discussion only: The committee discussed custody arrangements, interest income, and whether local credit unions that serve teachers could be included in future banking relationships.
- Direction/assignment: Staff agreed to provide more information on Georgia Fund 1 and to follow up on whether additional local institutions could be included in future banking procurements.
- Formal action: Two procedural votes at the start of the meeting—approval of May minutes and approval of the agenda—passed unanimously (motions and seconds recorded). No budgets were adopted at this meeting; the East Bloss 4 amendment had been approved previously and will be reflected in the next financial statement.
Ending
Clark said staff will post the amended East Bloss 4 budget in the June 30 financials and will return with additional details about Georgia Fund 1 and local banking procurement practices on request.
