Board approves moving capital funds; treasurer reports software error in monthly report

The finance discussion included two closely related items: a planned move of capital funds to secure higher interest and a treasurer's report about an accounting-software reporting error.

Finance committee noted a planned transfer of $1,500,000 from capital reserve into a certificate of deposit at Financial Resources Credit Union to take advantage of a higher rate (the committee cited a 4% CD as the rationale for the move). Committee members and other board members asked questions about deposit protections; presenters clarified that FDIC coverage applies to individual deposits up to $250,000 and that institutional deposits have different protections or insurance arrangements.

Separately, the board heard from the treasurer (identified in discussion as Vijay) about a software update to the district's accounting system (CSI) that caused a reporting error that prematurely printed one check on the treasurer's reports. The treasurer said he identified the issue when reconciling January's report, has the backup documentation in the office, and held the January report until the matter was explained to the finance committee. "It prematurely printed a check," the treasurer said, describing the error as a one-time scenario corrected after the software vendor addressed the bug.

Board members asked whether the software makes automatic transfers or authorizations; presenters said the software does not authorize transfers without user input and that the district maintains checks-and-balances for monthly bills and report review.