Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Security topic
No spam. Unsubscribe anytime.
Banks SD 13 reports vendor data breach, offers credit monitoring; January finances show expenses exceed revenue
Summary
District staff said a vendor that oversees retirement savings (Group Compliance) experienced a breach; the district is notifying employees and offering complimentary credit monitoring. The board also received January financials (revenue $900,468; expenses $1,106,161) and was told interim audit work will start March 3.
A district administrator (speaker 2) informed the board that Group Compliance, which handles the district’s retirement-savings administration and compliance processes, reported a data breach in January. The district notified affected employees and is arranging complimentary credit-monitoring services and related assistance.
"We let everybody know... they’re gonna have that option to complimentary credit monitoring," the administrator said.
The same report included January financial figures: revenue of $900,468 and expenses of $1,106,161, meaning expenses exceeded revenues for the month; staff said this pattern is typical across much of the year because property-tax revenue arrives later in the fiscal period. The administrator noted timber revenue has come in higher than budgeted and staff will update state funding estimates accordingly to avoid having to return funds.
Staff also said the district is preparing for an interim audit starting March 3.
