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Board accepts unaudited Aug. financials, opens ICS account for surplus funds
Summary
Supervisors accepted the unaudited financial statements as of Aug. 31, 2024 and noted the opening of a BankUnited Insured Cash Sweep (ICS) account to invest General Fund surplus; a request to pursue vendor compensation for poor performance was raised and referred to staff follow-up.
District Manager Chuck Adams presented the unaudited financial statements as of Aug. 31, 2024 and told the board that the district is opening a BankUnited Insured Cash Sweep (ICS) account to invest General Fund surplus funds. On a motion by Supervisor Michael Walsh, seconded by Supervisor Carol Vaughan, the board accepted the statements "with all in favor."
During the discussion, Supervisor Walsh asked whether SOLitude could be asked to compensate the district for poor performance; Adams said he would contact SOLitude and indicated it seemed reasonable to seek 50% responsibility. The minutes record Adams's commitment to follow up with the vendor; no settlement or adjustment was recorded at the meeting.
