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Muhlenberg County Schools board approves treasurer—s report; district discusses investments and reliance on TVA funds
Summary
Board approved the February treasurer—s report and payment of bills, while trustees discussed $10 million invested with MassMutual and the district—s effort to reduce dependence on TVA payments that comprise a significant portion of the budget.
The Muhlenberg County Board of Education on March 1 approved the treasurer—s report for the period ending Feb. 28, 2025, and authorized payment of bills and salaries, while discussing the district—s short-term investments and dependence on TVA-derived revenues.
The treasurer, Mr. Blakesinger, reported a beginning cash balance of approximately $45.2 million and monthly receipts of about $3.4 million. He told the board the district—s accounts payable totaled roughly $1.78 million and identified major February expenditures including a $405,000 payment to Old Wealth Management, $210,000 to BSN Sports for middle-school lockers, and roughly $150,000 to KU and to Gordon Food Service for food costs. Payroll expenses were reported at about $3.306 million for the pay period cited.
Blakesinger outlined the district—s $10 million staggered investment with MassMutual begun in July 2022: $2 million at three years, $3 million at four years and $5 million at five years. He said the current account value of the total investment was about $10,000,957 and that rolling maturing tranches into new five-year deposits at roughly 4.7% was under consideration. He said the district—s depository rate at the time was about 4.86% and that the district seeks to keep some funds liquid to avoid penalties on early withdrawal.
Board members pressed Blakesinger about how the district uses projected TVA payments in its budgeting. A board member asked whether the district should avoid budgeting TVA receipts because the amount can vary year to year; Blakesinger responded the district is attempting to "slowly back out" reliance on TVA funds, noting TVA money has historically made up roughly 10% of the district budget and saying the larger reserve balance provides time for gradual adjustment. He said TVA had earlier estimated a floor of roughly $4.4 million but cautioned estimates change.
The board voted to approve the treasurer—s report (motion by Jim Palmer; second by Miss Coleridge) and later approved payment of bills and salaries (mover/second not specified on the record). Both measures were approved by voice vote with no opposing votes reported.
Board members also asked whether the district would reinvest maturing MassMutual tranches and Blakesinger said staff planned to roll the $2 million tranche into another five-year instrument and reassess when the $3 million tranche matured.
Less critical budget details discussed included monthly receipts by source (federal funds up about $28,000; state funds up roughly $455,000; taxes down roughly $706,000) and projected cash and construction-related balances that push the district—s year-end cash picture higher because of ongoing capital projects.
The board then moved on to other agenda items, including acceptance of technology funding and policy matters.
