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Blanchester board approves $850,000 transfer to Permanent Improvement fund, consolidates investments
Summary
At its April 21 meeting the Blanchester Board of Education approved moving $850,000 from the General Fund to the Permanent Improvement fund, authorized account closures and a shift of investments to Redtree to reduce fees, and approved several Title fund transfers; the FY2024 audit was reported clean.
The Blanchester Board of Education on April 21 approved a plan to transfer $850,000 from the district’s General Fund to its Permanent Improvement fund and to consolidate investment accounts in an effort to reduce fees and improve returns.
During the Treasurer’s report the board reviewed standard financial statements and the FY2024 audit, which the transcript records as a clean report with no citations or management letter. By motion (moved by Mike Williams and seconded by Chris Baker) the board approved the Treasurer’s slate of items, including the $850,000 transfer and the decision to move investment activity for the General Fund to Redtree Investments. The board also authorized moving funds from a Peoples Investment account that holds the Penquite Scholarship Fund into Redtree and directed the treasurer to close the Peoples account once transfers are complete.
The board approved smaller Title-program transfers: $2,346.50 from Title IV-A to Title I and $4,880.13 from Title II-A to Title I. It also voted to close an FNB account no longer in use.
The board approved the Treasurer’s package unanimously. No attendee-level roll-call vote totals beyond “all present voted” are recorded in the transcript; the five board members listed in attendance voted in favor.
The meeting record shows these financial items were approved as part of the Treasurer’s business; there was no separate recorded public debate about the transfer.
Next steps recorded in the meeting minutes: the treasurer will proceed with the account moves and the administrative follow-up required to close the named accounts.
