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Board approves agreement on county investment-pool overdraft pricing
Summary
The board approved an administrative agreement setting how overdraft/temporary overdrawn balances in the county investment pool will be charged (staff described a 2% charge above the LGIP yield and will supply July/August financials and a cash-flow document).
The board approved a required administrative agreement that determines how the district will be charged if it temporarily overdraws its account in the county investment pool. Staff explained the charge is calculated relative to the local government investment pool (LGIP) yield and said the district's policy will assess an additional amount (staff described it as 2% above the LGIP rate in the example given).
Staff noted LGIP yields fluctuate (the transcript cites sample daily/7-day/30-day yields of roughly 4.17–4.30 percent at the time of the meeting) and demonstrated with a simple example how the overdrawn amount would be calculated daily. The board approved the agreement by voice vote; no numeric roll-call tally was recorded in the meeting minutes.
Next steps: Staff said they will provide the board with finalized June and July fund-balance figures and a cash-flow document showing inflows and outflows so the board can track exposures. The motion carried by voice vote; staff will file the agreement with county officials as required by policy.
