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Board accepts unaudited Aug. 31 financials; manager to contact SOLitude over performance
Summary
The board accepted unaudited financial statements as of Aug. 31, 2024, and authorized investing General Fund surplus in a BankUnited ICS account; District Manager Chuck Adams said he will contact SOLitude after board comments about its performance and a suggestion to hold the vendor 50% responsible.
Chuck Adams, District Manager, presented the unaudited financial statements as of Aug. 31, 2024, and reported that a BankUnited Insured Cash Sweep (ICS) account is being opened to invest the General Fund surplus. On a motion by Michael Walsh and seconded by Carol Vaughan, the board accepted the statements unanimously.
During discussion, Assistant Secretary Michael Walsh questioned whether the district could request compensation from SOLitude for what he described as poor performance. Adams said he would contact SOLitude and said, "I think it is reasonable to hold them 50% responsible," indicating the board seeks remediation rather than immediate legal action. No formal claim or monetary adjustment was recorded at the meeting; Adams' follow-up was noted for later action.
