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Pasco PFD approves $2.86 million in September claims; auditors note reporting errors, board orders arbitrage analysis
Summary
At its Oct. 21 meeting the Pasco Public Facilities District board approved $2,857,548.17 in claims, reviewed state audit findings that identified reporting errors, and directed an arbitrage analysis to determine whether bond investment earnings must be rebated to the IRS.
The Pasco Public Facilities District board on Oct. 21 approved the district—s September claims totaling $2,857,548.17 and heard staff summaries of recent audits and investment activity tied to the district—s bond proceeds.
The claims motion carried by voice vote after Finance staff summarized the packet of expenses. Veronica, a finance staff member for the district, told the board the claims list appears on page 8 of the packet and said there was nothing out of the ordinary.
The vote concluded the board—s routine business, and the meeting moved to financial reports and audit findings that matter for the district—s bond-funded construction program. Veronica reported the district had about $27,000,000 invested as of October and had completed a transfer to cover a debt-service payment scheduled to be withdrawn Nov. 1. She also said the district continues to receive interest payments on its investments.
The state audit team issued findings that were described to the board as technical and corrected. One finding noted the district—s…
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