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RSU 04 approves reinvestment of $500,000 CD and grants finance chair limited transfer authority
Summary
The RSU 04 board approved reinvesting $500,000 in a six‑month certificate of deposit at 3.25% and authorized the finance committee chair to move up to 5% between cost centers; trustees were told prior three-month CD yielded about $3,300 in interest.
Trustees approved reinvesting $500,000 in a six‑month certificate of deposit at an interest rate presented as 3.25%, and they also authorized the finance committee chair to transfer up to 5% between cost centers to avoid overdrafts.
Sam explained the district had previously placed two CDs of $500,000 each and that one three‑month CD recently matured, yielding "just over $3,300," while the six‑month yield was estimated at "just over $8,000." He said interest earned from the matured CD was deposited into miscellaneous revenue and would be used to offset the tax burden in the district's budget.
The reinvestment motion was moved and seconded, and the board recorded a unanimous vote in favor. Later, under agenda item 7.3, trustees empowered the finance committee chairperson to move no more than 5% between cost centers to ensure no cost center is overdrawn; that motion also carried unanimously.
The board also formally approved the minutes of the May 13, 2026 meeting earlier in the meeting record.
Attribution: Details and direct quotes in this article are drawn from Sam's presentation and trustee discussion as recorded in the transcript.
