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Heritage Pines CDD accepts unaudited Oct. 31 financials; notes ICS rate drop
Summary
The board accepted unaudited financial statements as of Oct. 31, 2024 and heard that a recently opened BankUnited ICS investment account saw an initial 4.75% interest rate fall to 4.25%; the acceptance was unanimous.
District Manager Chuck Adams presented the unaudited financial statements as of Oct. 31, 2024 and updated the board on short-term investment arrangements. Adams said the board established a BankUnited Insured Cash Sweep (ICS) investment account and that he "believes the 4.75% initial interest rate has dropped to 4.25%." The board accepted the unaudited financial statements on a motion by Mr. Rhodes, seconded by Ms. Vaughan, with all in favor.
Board members asked about pond treatments and other operational items tied to the financial statements; Mr. Adams noted that Premier Lakes began a contract Dec. 1, 2024 to treat the big pond and Pond 3 three times annually, with next treatments planned for March and July 2025.
The acceptance of the statements places a snapshot of revenues and expenditures on the record and signals routine oversight of short-term investments and vendor contracts.
