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Trustees move CDs to Fayette Savings Bank; district money-market earned $102,000 this quarter
Summary
Business Manager Rodney Stryk told the board nine matured CDs were re-bid and moved to Fayette Savings Bank at 3.75% and that the district's Texas Range money-market account earned $102,000 this quarter at about 3.68%; the board approved the report unanimously.
The Flatonia ISD Board on April 13 approved the quarterly investment report after Business Manager Rodney Stryk outlined moves to maximize interest on maturing certificates of deposit.
Stryk said nine CDs that matured during the quarter were shopped and placed at Fayette Savings Bank at a 3.75% rate on six-month CDs. "We are still receiving 3.68% interest on our Texas Range Money Market account, which earned $102,000.00 this quarter," Stryk said. He told trustees the district holds about $13 million in bank accounts and has approximately five months of payroll and the administration-building construction ahead, but that the current cash position should be adequate to cover obligations through the school year.
Trustees voted 6-0 to approve the quarterly investment report. No change was made to the money-market account due to its competitive yield.
