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Board accepts unaudited financials; moves surplus funds into BankUnited ICS account
Summary
Supervisors accepted the 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 District Manager said he would contact SOLitude about possible compensation for poor performance.
District Manager Chuck Adams presented the unaudited financial statements as of Aug. 31, 2024, and told the Board the District is opening a BankUnited Insured Cash Sweep (ICS) account to invest General Fund surplus funds. On a motion by Michael Walsh, seconded by Carol Vaughan, the Board accepted the financial statements unanimously.
Supervisor Michael Walsh raised whether SOLitude could be asked to compensate the CDD for poor performance; Adams said he would contact SOLitude and thought it reasonable to hold them 50% responsible. The Board did not take a separate vote on compensation but recorded the manager’s intention to pursue the matter.
