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Wall School board moves $1 million into staggered CDs, keeps cash accessible for CTE building costs
Summary
The board approved placing $500,000 in a 7‑month CD at First Interstate, $500,000 in a 6‑month CD at Black Hills Federal, and keeping remaining balances in money-market accounts to preserve liquidity for about $3.3 million remaining on the district's CTE building debt.
The Wall School District board voted to split about $1 million of maturing funds into short-term certificates of deposit and to retain the remaining balances in money-market accounts to ensure liquidity for ongoing payments on the district’s Career and Technical Education building.
Staff told the board that both First Interstate and Black Hills Federal had maturing CDs and presented current rates and terms. A board member urged moving funds into staggered CDs to avoid locking up all cash at once; another pointed to the district’s outstanding CTE building obligation. "We have about 3,300,000.0 left to be paid on the CTE Building," a board member said during the discussion.
The board approved a motion to put $500,000 into a First Interstate CD (the board discussed a seven-month term at roughly 4.25% APY for one option) and $500,000 into a six-month option at Black Hills Federal, with the remainder of balances left in money-market accounts (reported money-market rates were cited near 2.75%). Members said the split was intended to stagger maturities so funds would not all become due at the same time and to preserve access for scheduled payments to contractors.
The vote: The motion passed by voice vote. The board recorded the decision to invest in staggered CDs and maintain money-market liquidity; specific dollar figures and exact APYs were discussed in the meeting materials and are recorded in board packets.
