Snake River board approves plan to reinvest expiring $3.2 million CD

The Snake River School Board of Trustees voted 3-0 on Feb. 20 to reinvest proceeds from a certificate of deposit maturing March 8, 2025, following presentations from Superintendent Mark Kress and Business Manager Harmony Shuler.

Harmony Shuler, the district’s business manager, outlined proposals from several financial institutions and recommended a laddering strategy to stagger maturities so the district preserves liquidity while aiming for better returns over time. Shuler explained the approach is intended to create a steady flow of maturities to meet cash-flow needs while capturing higher interest rates when available.

After discussion, Trustee Lon Harrington moved and Trustee Toni Ibarra seconded a plan to divide the funds from the expiring CD (discussed in the meeting as approximately $3.2 million) into three investments: about $1 million plus accrued interest at D.L. Evans Bank for 12 months at 4.25%; about $1 million with a life-insurance-affiliated provider for three years at about 5%; and about $1 million with that provider for five years at about 5.2%. The board voted unanimously, 3-0, to adopt the recommendation.

Superintendent Mark Kress and Business Manager Shuler framed the decision as a balance between maintaining short-term access to cash and securing higher yields through staggered maturities. No dissenting board comments were recorded.

The board did not identify further conditions attached to the investments at the time of the vote. The decision authorizes staff to proceed with the reinvestments as presented at the meeting.

Next steps: staff will execute the reinvestment transactions under the approved structure and report back to the board as needed.