Director of business services presents new treasurer's report, shows cash balances and investments
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Summary
Director of Business Services Robin Possopin told the board the district has most funds in Minnesota School District Book of Asset Fund and almost $1 million in investments; supplies spending shows 50% of textbook budget spent in July.
Robin Possopin, the district's director of business services, presented a new treasurer's report to the Chisago Lakes School District Board, showing cash balances by fund and noting the district has almost $1 million invested.
Possopin told the board the packet did not include enrollment figures because school had not yet started and that July revenue is minimal, which makes monthly graphs unhelpful. She said the general fund shows supplies and materials at about 50% spent for July because textbook purchases were made early: "You can see we're already at 50% spent in July. That's textbooks. Sarah has purchased a lot of her textbooks, obviously, for the year, so they have them," Possopin said.
Possopin reviewed the treasurer-style report, which lists cash as of June 30, then receipts, payroll, bills and journal entries to show ending cash balances. She said most district cash is held in the Minnesota School District Book of Asset Fund and that checking and "max" savings accounts are earning roughly 4.15% and 4.24% respectively. She said the district has "almost a million dollars in investments," and listed the original interest rates on four investments as roughly 4.6%, 4.55%, 4.5% and 4.5%.
Possopin also noted higher food-service expenses compared with prior years because the district purchased equipment for kitchens. She acknowledged a formatting error on the report (a date/number field) and said staff will correct presentation for the next month.
During discussion a board member asked who makes investment decisions; Possopin replied district investments are limited by law and are handled through liquid asset funds, with staff receiving offers and interest rates and bringing them decisions for local approval. Possopin said prior staff member Jack handled much of the investing and that the district is trying to increase investments now that more cash is available.
Possopin pointed out a reconciliation detail: a construction fund balance includes $71,071.44 that she initially misread as $71.44. She characterized the remainder as a small balance in the construction fund.
