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Finance briefing: sweep account explained; district reports borrowing under $5M on capital project
Summary
Finance staff explained why the general‑fund checking balance appears negative (overnight sweep to money‑market), reported one delayed pledge and said district borrowing for the capital project is under $5 million to date; the board also heard consent items including graduation plans, a band trip and the IU budget.
Finance staff explained the district’s month‑end presentation and fielded questions about cash presentation, pledges and the capital project budget.
The finance presentation clarified that the district uses an overnight sweep account: excess cash in the general‑fund checking account moves automatically to a money‑market account each night, and if checks outstanding bring the checking account negative at day‑end, the sweep will cover it the next…
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