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Finance director says state—fiscal indicators undercount Munster—investments; board reviews cash position
Summary
Bill Melby, the School Town of Munster director of financial operations, told trustees the district earned record interest in 2024 and that state fiscal indicators produced by the Distressed Unit Appeals Board do not reflect the district——————————— investments in certificates of deposit, skewing measures of fund balances.
Bill Melby, the School Town of Munster—director of financial operations, told the Board of Finance that the district—earned its highest interest in 2024 and that state fiscal indicators produced by the Distressed Unit Appeals Board (DUAB) undercount the district—because the state—does not properly record investments in certificates of deposit (CDs).
Melby opened the investment report by pointing trustees to handouts showing interest earned by month, a ledger of outstanding investments, and an investment policy summary. He said the district uses a laddered approach to CD purchases, puts investments out to bid to local banks and prefers CDs for guaranteed…
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