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Finance presenter reports $36 million on hand after borrowing; notes interest earnings and forthcoming draws
Summary
Staff reported roughly $36,000,000 on deposit after a second round of borrowing, mentioned potential additional borrowing later in the year, and summarized receipts and interest earnings in June.
The district finance presenter reported approximately $36,000,000 in cash following the second round of borrowing and said additional borrowing could occur later in the fiscal year depending on needs. The presenter walked the committee through the district's receipts and noted $1.9 million in June revenue and some interest earnings related to the large cash balance.
The presenter also discussed the timing of drawing funds and the mechanics of reimbursements tied to the stabilization accounts, and said the finance office would continue monitoring excess and deficiency certification with the state. The presentation included discussion of monthly expenditures and the shifting of large-pay items to Suffolk as the primary contractor.
