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Heritage Pines accepts unaudited financial statements; plans ICS account for surplus funds
Summary
The board accepted unaudited financial statements as of Aug. 31, 2024 and authorized opening a BankUnited Insured Cash Sweep (ICS) account to invest General Fund surplus funds; the board also asked the manager to contact SOLitude about possible compensation for poor performance.
The Heritage Pines CDD board accepted unaudited financial statements dated Aug. 31, 2024 at its Oct. 15 meeting.
District Manager Chuck Adams presented the statements and said the district is opening a BankUnited Insured Cash Sweep (ICS) account to invest General Fund surplus funds. Supervisor Michael Walsh asked whether the district could seek compensation from SOLitude for poor performance; Adams said he would contact SOLitude and believed it reasonable to hold the vendor 50% responsible. The board approved acceptance of the unaudited financial statements on a motion by Walsh, seconded by Carol Vaughan, with all in favor.
The minutes record that the ICS account is being opened to invest surplus funds; the minutes do not specify estimated returns or the exact surplus amount.
