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Missisquoi Valley board accepts financial report, approves $4.15M in warrants, renews trust fund CD and hires two teachers
Summary
The board approved accounts-payable and payroll warrants totaling $4,154,171.23, agreed to renew several small trust-fund accounts in a 60-month CD at Union Bank at 3.35%, accepted the district financial report noting a $600,000 MVU roof PO, and approved two new Swanton Elementary hires.
At its meeting, the Missisquoi Valley School District board approved routine financial actions, renewed a small trust-fund certificate of deposit, accepted the district financial report and approved two new classroom hires.
Accounts payable and warrants: Finance staff read accounts payable, payroll and deductions that were presented as totaling $4,154,171.23. A motion to approve the check warrants was moved and seconded and carried on voice vote.
Trust fund CD renewal: The board voted to renew a maturing 18-month certificate of deposit by consolidating small trust funds (the Taber Fund, the Mary S. Babcock Library fund and the Steven Hale fund) into a 60-month CD at Union Bank at 3.35% annual interest. Finance staff said the combined principal was just under $28,000; total interest earned over the term was estimated in the presentation at about $4,854 and the CD would mature on April 15, 2031. Board members discussed the trade-off of locking funds for five years versus higher current rates.
Financial report and capital notes: Director of finance Laura Mallister told the board the district was in a ‘‘stable financial position’’ and highlighted year-end spending and known commitments. Mallister said the MVU roof project accounted for a $600,000 surplus PO and a recent payment of $275,000 for materials had been made. She also warned that winter weather increased costs for natural gas and salt and that a transportation escalator clause may produce additional invoices later in the fiscal year.
Hires and personnel: The board voted to approve two professional hires for Swanton Elementary: Grace Kleinfelter and Tai Kyle Turkot (grade assignments described as likely first and second grade in the meeting discussion).
Executive session and leave of absence: The board entered executive session to consider a personnel matter and subsequently approved a leave-of-absence request; the meeting reconvened and the board adjourned.
Votes and procedure: Most motions were moved and seconded during the meeting; several motions were recorded as carried by voice vote. The meeting minutes and staff prepared spreadsheets were referenced for details and will be available with the official minutes.
