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Benzie board approves seven‑month CDs for sinking and general funds totaling up to $2 million
Summary
The Benzie County Central Board of Education voted 6‑0 Feb. 9 to approve up to $1 million from the sinking fund and up to $1 million from the general fund for seven‑month certificates of deposit, citing a higher short‑term interest rate available through Honor Bank.
The Benzie County Central Board of Education on Feb. 9 approved investing short‑term reserve dollars in seven‑month certificates of deposit, a move trustees said is intended to capture a better interest rate while maintaining liquidity.
Board action 25‑26‑070 authorized a Certificate of Deposit "Not to exceed $1M for Sinking Fund, not to Exceed $1M general fund," and the motion passed 6‑0. The administration presented the Honor Bank offer at a quoted 4.15% for a seven‑month CD and compared it with the 3.6–3.7% range shown for MILAF accounts during the staff presentation.
Superintendent Erfourth explained the recommendation was contingent on more detailed cash‑flow analysis before finalizing any deposits. The board recorded the motion and vote in the minutes; no dissenting votes were recorded.
The approval was presented as a short‑term cash‑management step rather than a long‑term investment shift. Trustees said the administration will return with any follow‑up analysis needed to finalize timing and sizing of placements.
