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Pipestone board reviews finances as cash balance falls to $8.1 million; approves treasurer's and bond reports
Summary
Treasure reported a district cash balance of $8.1 million, down from $9.5 million the prior year. The board approved the treasurer's report, the bonds report and regular bills unanimously and heard that staff are working to secure an additional $110,000 related to bond matters.
The Pipestone Area School District board received a financial update that showed a current cash balance of $8,100,000, down from $9,500,000 the previous year, and approved several finance items including the treasurer's report and bond report.
"Current cash balance is $8,100,000. Last year, it was 9,500,000," the treasurer reported, prompting questions from board members about month‑to‑month variances and contingency impacts. Board members and staff discussed that timing of bills and budget differences can account for some of the change.
On the 2023A bonds, the treasurer said the bond fund balance is $736,531 and staff are working on the bond rating and efforts to secure an additional $110,000. The board moved and seconded approval of the bonds treasurer's report and voted to approve it.
The board also moved to approve regular district bills and separate high school activity bills; both motions carried on voice votes. No member voiced opposition during the recorded votes.
