Board adopts financial, procurement policies and authorizes authority bank account

The PTA Board of Trustees voted to adopt a financial policy and a procurement policy the board’s finance committee had vetted, and passed a resolution authorizing the opening of an authority bank account in the North Carolina Capital Management Trust.

The board approved the financial policy after trustees pressed staff to clarify how tax receipts will be allocated among debt service, reserves and operating/capital funds. Staff said the five‑year capital improvement plan is revisable annually and that allocations will be distributed monthly into the authority’s account structure once revenue begins arriving.

Trustees also approved a procurement policy that sets staff approval thresholds and includes provisions to promote participation by small and local businesses. Several trustees urged staff to break larger procurements into smaller contracts and to publish business‑opportunity information on the authority website so smaller firms can bid for work tied to the multi‑decade program of projects.

On the resolution to open a bank account, staff said the authority will initially use segregated accounts in the City’s system while transition tasks retitle accounts into the authority’s name. The board agreed the account should have dual signatories: the finance officer/treasurer and the board chair, and that interest earnings on the accounts would be retained for transit use.

The motions were moved and seconded at the meeting; the board recorded the committee‑level unanimous endorsements that had preceded tonight’s votes. No detailed roll‑call tallies were recorded in the meeting transcript.

The board’s approvals complete key compliance items required under the state transition schedule and allow staff to proceed with establishing the authority’s financial operations during the July–December transition window.