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Business manager: LGIP filing needs update; HB521 interest must be used for maintenance
Summary
Business Manager Kendra Salesky told the Finance Committee the district must update its filing with the Local Government Investment Pool and that interest earned under HB521 must be spent on maintenance; she recommended moving idle cash into the investment fund to maximize earnings.
Kendra Salesky, the district’s business manager, told the Finance Committee the district must update its filing with the Local Government Investment Pool (LGIP) and that interest earned under HB521 "must be spent on maintenance." The Committee heard that those funds can be transferred to the general fund but must remain restricted to maintenance purposes.
Salesky and Committee member Lisa Hals recommended placing idle cash in the investment fund to improve returns; the Committee will recommend that practice to the Board. The minutes also note that Umpqua has agreed to print canceled checks at no charge so a third party can review them to comply with Policy 7225 on internal controls.
Why it matters: HB521-related interest restrictions and stronger cash-management practices affect how the district budgets maintenance work and reports restricted revenues. The recommendation to place idle cash in LGIP aims to increase earnings while maintaining the statutory limitation that HB521 interest be used for maintenance.
The Finance Committee did not record a final Board action at the meeting; staff said they will present the recommendation to the Board for adoption.
