Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
ISD 622 authorizes financial controls, depositories and contracting thresholds
Summary
The board designated Premier Bank and Associated Bank as official depositories, authorized imprest funds of $5,650, approved Ehlers as financial advisor and set the bid/contract threshold at $175,000 per Minnesota statute for required board authorization.
The Independent School District 622 Board adopted several financial and procurement authorizations at its Jan. 13 special meeting. Premier Bank and Associated Bank were designated as official depositories, the treasurer or director of finance was authorized to accept and release collateral, and officers and finance staff were authorized to sign checks and documents as necessary.
The resolution authorized imprest funds in the amount of $5,650 with the superintendent or designee as custodian and approved Ehlers as the district financial advisor and LB Carlson as the district auditor. It also clarified that, per Minnesota Statute § 471.545, transactions exceeding $175,000 require specific board authorization and bidding procedures.
