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Board hears positive financial update, approves new depository and cybersecurity safeguards
Summary
Treasurer's presentation showed receipts above projections and expenditures under budget; the board approved a five‑year depository agreement with Tunnington Bank, moved to a fee‑based cash management approach and approved cybersecurity measures including positive‑pay checks monitoring.
Mr. Fasel presented the monthly financial report and the board approved acceptance of the treasurer's report during roll call.
According to Mr. Fasel, the district received about 11% more than projected in the month, helped by a higher‑than‑expected real‑estate advance; expenditures were down roughly 15%. Year‑to‑date receipts were up about 4% and expenditures were under budget by approximately $250,000. He said investments performed variably depending on maturities but that overall results were favorable for the month.
Mr. Fasel explained the board issued an RFQ for banking services to local banks, received seven competitive responses, and selected Tunnington Bank (transcript spelling) for the district’s five‑year depository agreement. The district will move from a compensating‑balance approach to a fee‑based system to allow more funds to remain invested rather than held to offset fees.
To reduce fraud risk, Mr. Fasel said the district will enhance cybersecurity and implement positive‑pay checks monitoring so the bank can flag unmatched checks before funds are released. He also asked the board to establish a separate fund for a middle school drone and robotics grant so staff can track the grant‑funded dollars.
A motion to accept the treasurer’s report and related recommendations was moved and seconded; roll‑call votes recorded the motion as carried.
