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Red Oak ISD trustees adopt investment recommendations, informally approve list of qualified brokers
Summary
The board accepted the annual investment report required under the Public Funds Investment Act and moved to adopt the districts recommended list of qualified brokers; trustees were told the district earned about $5.2 million in interest on roughly $80 million invested.
Trustees of the Red Oak Independent School District reviewed and accepted the districts annual investment report and informally adopted a recommended list of qualified brokers during Mondays meeting.
Dr. Johnston presented the annual report, noting the district must comply with the Public Funds Investment Act and the board must review the list of qualified brokers. "Investments in the state of Texas are dictated by the Public Funds Investment Act for cities, counties, and school districts," Dr. Johnston said. He explained that the district uses investment pools such as LoanSTAR, TxPool and TexStar for most operating funds and that bond proceeds are managed separately with an asset manager (PMA Asset Management, now PTMA).
The presentation included a breakdown the district had placed about $30,000,000 with the LoneStar investment pool and that, across bond investments and operating funds, interest earnings were approximately $5,200,000 on about $80,000,000 invested. Dr. Johnston recommended continuing with investment pools for operating funds, monitoring allowable market options, remaining with PTMA for bond proceeds, and adopting the list of qualified brokers included on page 41 of the report.
Board member Mr. Knight moved to review the investment policy and strategies and to informally adopt the list of qualified brokers on page 41. The motion received a second and passed with the board voting in favor. The board chair announced the motion passed (the transcript records this as "Passes 760").
The board also voted to adopt the consent agenda earlier in the meeting; no additional spending authorizations were taken during the investment vote.
The report and the qualified-broker list will be retained in district finance records and the board will continue to receive monthly investment reports as required by policy.
