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Board approves interfund transfers and authorizes redemption of maturing CDs to support projects
Summary
The board approved corrections to FY24 interfund transfers and authorized redemption of maturing certificates of deposit to support project cash flow; administrators said auditors helped prepare the adjustments and described timing for remaining CD maturities.
Board members approved interfund transfers and the redemption of Certificates of Deposit as part of routine fiscal housekeeping tied to capital projects and cash-flow needs. Administrators said the transfers correct FY24 accounting entries that crossed into FY25 and that auditors assisted with the process; the board approved the motion to make the corrections and to redeem CDs as they come due.
The superintendent noted one CD coming due at the end of the month for $750,000 and described how proceeds would be allocated across the Education Fund and Transportation Fund and could eventually supplement the capital account. "We put some of our savings into CDs, short term CDs, for the purpose to help pay for these projects," the superintendent said (speaker S2), and told the board they would present each CD decision as it matured.
Board members asked about staggering of maturities and how grant reimbursement timing affects cash flow; staff said they would continue to present cash-flow items at the board table as CDs mature.
