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Board accepts unaudited financials, to open ICS account for General Fund surplus
Summary
Supervisors accepted the unaudited statements as of Aug. 31, 2024, and approved opening a BankUnited Insured Cash Sweep account to invest the General Fund surplus; the board asked District Manager Adams to contact SOLitude about potential compensation for poor performance.
District Manager Chuck Adams presented the unaudited financial statements as of Aug. 31, 2024, and said the district is opening a BankUnited Insured Cash Sweep (ICS) account to invest the General Fund surplus.
Supervisor Michael Walsh asked whether SOLitude could be asked to compensate the CDD for substandard performance; Adams said he would contact SOLitude and that "he thinks it is reasonable to hold them 50% responsible." On motion by Mr. Walsh and seconded by Ms. Vaughan, the board accepted the unaudited financial statements unanimously.
The board recorded the ICS account opening as the vehicle for investing surplus funds and requested follow-up on possible vendor compensation discussions with SOLitude.
