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EAST CENTRAL ISD trustees review unchanged investment policy after Wells Fargo money-market exit
Summary
District staff presented an annual review of the investment policy, saying it remains unchanged; staff moved funds from a closed Wells Fargo money-market product into a Texas pooled vehicle and will notify pools that the district's policy applies to their holdings.
District staff presented the board with the annual investment policy and said the document has not changed from the prior year.
Speaker 2 told trustees the investment authority belongs to the superintendent and a designee and that the district's designated investment officers (speaker 2 and Judy) complete required annual training. Staff emphasized the district maintains conservative, low-risk investments that preserve liquidity and prioritize principal preservation.
Judy, an investment officer, said Wells Fargo informed the district in March that it would no longer offer the money-market product for school districts and was closing their accounts; the district moved those funds into a Texas pooled investment vehicle to continue earning interest while maintaining liquidity. She said staff will send the district's investment policy to each pool and require confirmation that the pool will not place district funds into instruments not approved by district policy.
Speaker 2 noted the district provides monthly investment reports (more frequent than the typical quarterly reporting) and that auditors review the policy and transactions annually. Trustees were invited to review a multi-tab spreadsheet of department contracts and expenditures in advance of a work session that will consider potential local savings.
No formal policy change or vote was taken at the meeting; staff requested the board's routine review and said it will return with follow-up at the next work session.
