Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the School Finance topic
No spam. Unsubscribe anytime.
District reports $39.2 million invested, projects $755,000 return through June
Summary
District finance staff told the board the district has $39.2 million invested across funds and expects about $755,000 in returns through June; staff highlighted use of local bank sweep accounts and competitive CD rates.
District finance officials told the Enid Public Schools board that the district has about $39.2 million invested across funds and projects roughly $755,000 in investment returns from March through June.
“Currently the District in all funds, there is $39,200,000 invested. And we are looking at, beginning in this month of March, going all the way through June, of getting a return value of $755,000 on that money,” a district finance official said during the financial report portion of the meeting.
The finance report noted the district works with Security National Bank to obtain competitive rates and that the district uses a sweep-style account to earn higher interest while keeping funds accessible. Officials said that unlike some investments that require longer withdrawal times, the sweep account provides near-instant access.
Finance staff described the projected returns as funds that “don’t cost the taxpayer anything” because they come from investment income on cash balances. The board approved the district financial report for February by unanimous vote of members present.
Less critical details: the finance official thanked the district’s banking partner for flexibility on rates and noted the returns will be applied to district operations as allowed.
