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Board accepts unaudited Aug. 31 financials and opens BankUnited ICS for surplus funds
Summary
The board accepted unaudited financial statements as of Aug. 31, 2024 and authorized opening a BankUnited Insured Cash Sweep account to invest General Fund surplus; a supervisor asked staff to pursue partial compensation from SOLitude for poor performance.
District Manager Chuck Adams presented the unaudited financial statements as of Aug. 31, 2024 and announced the district is opening a BankUnited Insured Cash Sweep (ICS) account to invest General Fund surplus funds. On motion by Supervisor Michael Walsh, seconded by Supervisor Carol Vaughan, the board accepted the unaudited statements "with all in favor."
During discussion, Mr. Walsh asked whether SOLitude could be asked to compensate the district because of poor performance; Mr. Adams said he would contact SOLitude and thought it reasonable to hold them 50% responsible. The board did not quantify expected recoveries and directed staff to follow up.
