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Stafford MSD renews bank, audit and insurance contracts, approves recapture option and delegates tax calculations to CFO
Summary
On Aug. 20 the Stafford Municipal School District Board renewed banking, audit and insurance contracts, approved recapture payment via attendance credits and delegated tax-rate calculations to the CFO, with each motion passing 7-0.
At its Aug. 20 meeting the Stafford Municipal School District Board of Trustees approved multiple finance-related items: a two-year renewal with Frost Bank for depository services, renewal of the district’s external audit engagement, several insurance renewals, approval of recapture payments through the attendance-credit purchase option, and delegation of authority to the CFO to calculate the district’s no-new-revenue and voter-approved tax rates.
Depository services: The board approved renewal of the Frost Bank depository contract from Sept. 1, 2025 through Aug. 31, 2027. District staff said Frost provides depository and payroll services with minimal fees and that moving to another bank would be…
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