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Rogers board adds four local banks for deposits; district reports $23.5M in facility spending year-to-date
Summary
The board authorized adding four local banks to its list of depositories, capped at $5 million per bank, and heard financial details including $23.5 million spent from the building fund year-to-date and $5.5 million received from insurance reimbursements.
The Rogers School District board voted to add four local banks to its list of depository partners and heard a financial report that highlighted large, ongoing facility expenditures and recent insurance recoveries.
Jake Hawk, the district’s finance presenter, told the board the technology fund balance stands at $7.7 million after using ESSER funds to purchase devices, and he noted that year-to-date building fund expenditures total about $23.5 million, with a large portion going toward Oakdale and work at Lingle as the district restores storm damage.
Hawk said the district has received $5.5 million from insurers so far; administrators said that money was spread across five providers and is reflected in a building fund sub-account (3,002) created to track insurance receipts.
On a separate agenda item, the board approved adding First Security Bank, United Bank, First National Bank and Chambers Bank as additional institutions eligible to receive local deposits. A board member clarified that no more than $5 million would be placed with any one of the newly approved banks; the motion passed by voice vote.
Superintendent Doctor Perry and staff also briefed the board on a separate facilities decision involving an optional FEMA-split safe room. Perry said that if the district obtains a 75/25 cost-share split with FEMA, installing the safe room would cost about $1 million in redesign and construction; without that split the redesign alone would cost roughly $800,000–$1,000,000 and the district is reluctant to commit more than $5 million while several insurance claims remain unresolved.
Hawk said the district’s total invested balances and interest income are healthy compared with prior years, and he flagged restricted state revenues as a budgeting uncertainty. Board members thanked staff for the financial work and approved the depository additions.
