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District reports December finances and flags possible arbitrage issue on bond proceeds
Summary
The Pulaski County Special School District reported December financials showing higher tax collections and discussed a potential arbitrage issue tied to bond proceeds; staff said investment proceeds will be reinvested according to IRS rules and that the district is evaluating a second‑lien bond request.
Finance staff presented the district’s December month‑end financial report Jan. 14 and interim Superintendent Doctor Gess briefed the board on bond‑proceeds reinvestment and related legal issues.
Key financial figures: Finance Director Miss Rowlett said the district’s legal funds (funds 1, 2 and 4) began the fiscal period with a gross balance of roughly $307.7 million; after categorical deductions the district’s net legal balance for December was about $28.7 million. Year‑to‑date tax collections were reported at roughly $70 million, an increase of about 8.4% over the comparable prior year figure; overall revenues were up about 7.5%…
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