Glenview District 34 board votes to leave Maine Township treasurer, appoints CSBO as district treasurer and partners with PMA/ISDLAF

The Glenview Community Consolidated School District 34 board voted to withdraw from the Maine Township treasurer arrangement, approve ISDLAF (the Illinois School District Liquid Asset Fund) as an investment option administered by PMA, and appoint Assistant Superintendent for Business Services Eric Miller as the district treasurer.

Board members approved a resolution to withdraw from the Maine Township treasurer and voted to work with PMA and ISDLAF as the vehicle for the district’s investments. Charlie Zacker of PMA told the board PMA administers ISDLAF and offers a two-person support team, cash-flow analysis, credit monitoring and online, 24/7 transparency. “From the investment side, nothing will really change other than the fact that you'll have more autonomy and control and transparency in what those investments are,” Zacker said.

The board also approved a separate resolution appointing Eric Miller, the district’s assistant superintendent for business services and chief school business official, to serve as district treasurer. Miller will have authority to approve investments recommended by PMA; Zacker emphasized that PMA does not take trading discretion and that recommended trades would be executed only after the district (the treasurer) approves them.

Board members asked several operational questions before the votes. Staff said switching the district’s treasury arrangements will require paperwork and account setup (including new checking accounts through a custodian bank, BMO Harris) and that establishing those accounts typically takes about eight weeks. Zacker said ISDLAF provides two liquidity components — a liquid (checking) pool and a “Max” pool that pays a higher rate but requires funds to remain invested for at least 14 days — and that the fund’s strategy is to match assets to liabilities (payrolls, payables, debt service) and ladder reserves out as appropriate.

Board discussion referenced a recent change in Illinois law that allows Cook County districts more flexibility to withdraw from township treasurer arrangements. Eric said the statute change is what permits this move in Cook County; as he explained, “the law now allows us to do this.”

Votes at the meeting were unanimous for the items in this package. The board approved the withdrawal resolution, approved the PMA/ISDLAF resolution (as amended to correct the fund name to ISDLAF), and approved Miller’s appointment as district treasurer.

Next steps listed by staff included completing ISDLAF master account paperwork, updating direct-deposit routing so revenues go to the district’s ISDLAF account instead of the township, and setting up checking accounts through BMO Harris. Staff said they will work with PMA to produce cash-flow reports and regular summaries that the board can review at meetings.