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Aberdeen board approves banks, investment trust participation, insurance and other routine financial items
Summary
The board designated U.S. Bank and Dakota Bank as official depositories (one abstention), authorized electronic transfers and countersignature procedures, approved participation in the South Dakota Public Funds Investment Trust and approved crime-insurance coverage, among other routine items and bus requests.
At its July 14 meeting, the Aberdeen School Board approved a package of financial and routine operational items, including bank depositories, electronic-transfer authority, countersignature rules, participation in a state public-funds investment trust, insurance coverage and several transportation requests.
The superintendent recommended that U.S. Bank and Dakota Bank, both in Aberdeen, be designated as official depositories for district funds. The board took a roll-call vote; most members voted aye and Kevin Burkhard recorded an abstention on the depository designation.
The board authorized the finance director to electronically transfer funds for payroll, payroll benefits and debt-service payments and approved a countersignature policy authorizing the board president and vice president to countersign checks drawn from district accounts and signed by the finance director.
The board approved participation in the South Dakota Public Funds Investment Trust, authorizing investments through the trust’s fixed-rate account. The board also authorized the district to obtain crime-insurance coverage of $150,000 in lieu of a separate bond; the finance director said $150,000 is the maximum cash likely to be on hand and answered questions from trustees about adequacy.
The board approved multiple out-of-district bus requests (Frederick, Groton, Northwestern and Warner School Districts) to pick up students at designated Aberdeen locations and approved an administrative-rule waiver to allow Brandy Flajoie to teach astronomy while she completes endorsement requirements (the packet referenced a three-year waiver; presenter later said the waiver would allow one year for the employee to complete the Praxis and endorsement process).
