Board hears strong fund balance, approves Trustmark as depository pending paperwork

District finance staff presented the monthly financial report and the board approved a depository recommendation after clarifying public‑notice steps.

Mr. Green presented March financials: roughly $13.2 million in revenue, $5.66 million in expenditures and a fund balance of $39,457,464, which he said represents an approximate 53% fund-balance rate. Board members discussed the statutory minimum reserve (7.5%) and industry guidance suggesting a healthy range of 11–15%. One board member cautioned the district may be "leaving money on the table," urging consideration of whether funds should be used for additional programs.

Staff also reported ad valorem receipts and staggered casino revenues. Finance staff noted some capital-project reconciliations remain pending (retention payouts and fixed-asset numbering) and estimated potential remaining expenses of about $2,000,000 related to a Warren Central project; staff said the board may need to act to cover those balances when finalizing project accounts.

Separately, the superintendent recommended awarding the district depository RFP to Trustmark Bank for a three‑year contract (07/01/2026–06/30/2029). Board members asked for proof of publication of the RFP; staff produced notarized documentation showing the advertisement ran for the required two consecutive publications. The board un‑tabled the item and approved awarding the depository to Trustmark.

Why it matters: The district's strong fund balance provides flexibility but also raised board-level questions about optimal use of reserves and ensuring procurement transparency for large financial services contracts.

Follow-up: Staff will finalize capital project reconciliations, confirm funding strategies, and proceed with Trustmark contract implementation.