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Board reviews July financials, OPEB holdings and referendum debt plan
Summary
Finance staff presented a quiet July with limited activity, a partial $75,000 receipt from MacBook sales, PMA and bank investments earning roughly 4%, and discussion about holding referendum debt proceeds and two separate OPEB accounts that the board may consider consolidating in future months.
The Beloit School District board received its monthly financial report for July on Sept. 2 and discussed investment returns, OPEB balances and a referendum debt reserve held to avoid arbitrage concerns.
Missus Elwood, the district’s finance presenter, told trustees that July is typically a low-activity month and that revenue timing means many receipts post in June. She said the district recorded about $75,000 in receipts tied to the sale of MacBooks in July and that interest on a PMA investment has been around 4 percent.
Board members pressed for clarity on OPEB (other postemployment benefits) funds, which have been held in two bank accounts. One trustee recalled a combined figure around $4.8 million and asked whether the accounts should be consolidated; Missus Elwood said the funds remain split between First Mid Bank & Trust and an associated investment account because one portion is being kept more liquid while another is invested and performing well.
Elwood also told the board the referendum debt dollars collected two years ago are being held in a savings account to pay the debt down to avoid an arbitrage issue; staff said the board will revisit that topic in the coming months.
By motion the committee approved the financials; subsequent procedural approvals at the board level confirmed the financial reports were accepted.
