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Taos board approves separate Sentinel Bank account structure to isolate bond, capital and operating funds
Summary
The board approved a restructured checking‑account plan recommended by the finance director to separate unrestricted operating cash, capital outlay, debt‑service and other funds to increase transparency and protect bond proceeds.
The Taos Municipal Schools board voted March 11 to create a multi‑account checking structure at Sentinel Bank to separate unrestricted operating funds, capital outlay, debt service and other restricted resources.
Director of finance Dr. Rainier Martins told the board that commingled accounts can obscure available cash for payroll and reimbursable grants and that separate accounts increase transparency and reduce the risk of misallocating restricted funds. "The whole idea is to distinguish between cash we have, to not confuse for what we can spend it," Dr. Martins said, walking the board through a PED‑sourced cash diagram and sample scenarios.
Why it matters: Districts routinely manage restricted revenue streams such as capital‑outlay, federal grants and bond proceeds. Dr. Martins said the proposed structure will make it easier to show what is available for day‑to‑day operations, what is designated for capital projects and what is reserved for debt service. He recommended finance‑committee review of implementation details (which specific subaccounts to create and how to reconcile them).
Board action and next steps: The motion to approve creating the Sentinel Bank checking‑account structure passed on a roll call. Dr. Martins said he will work with the finance committee on the account architecture and reconciliation procedures before implementation.
(Reporting based on a March 11 presentation to the Taos Municipal Schools Board of Education by Dr. Martins, director of finance.)
