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Board approves resolutions to move toward independent district banking and County Treasurer agreement
Summary
The board unanimously approved two resolutions to establish district banking and a County Treasurer agreement to manage the transition; staff said the change will allow the district to receive tax receipts directly, invest funds, and reconcile accounts in real time starting the next fiscal year.
Staff member explained two resolutions required to allow the district to hold and invest its own funds rather than relying on county-held accounts. The presenter said the current county process reconciles accounts "a month in arrears" and creates extra work when corrections or retroactive funds arrive; moving to district banking would allow the district to request tax dollars as a lump sum, invest them, and manage transfers internally. "If you approve, you would need to approve the rev the resolution, the school funds and investment resolution," the presenter said while walking through the documents.
The board moved to approve the banking and investment resolution and then the County Treasurer Agreement Resolution; both motions were seconded and recorded as passed. Staff said implementation would not occur until the new fiscal year (July 1) and noted the county must also accept the change. Vote tallies were recorded as 'all in favor' in the meeting; individual roll-call votes were not specified in the transcript.
