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Board accepts unaudited financials, moves surplus funds into ICS account; seeks SOLitude accountability
Summary
Supervisors accepted the unaudited financial statements as of Aug. 31, 2024, heard that a BankUnited ICS account will invest General Fund surplus funds, and discussed asking SOLitude to compensate for alleged poor performance.
The Heritage Pines board unanimously accepted the unaudited financial statements as of Aug. 31, 2024. District Manager Chuck Adams reported the district is opening a BankUnited Insured Cash Sweep (ICS) account to invest General Fund surplus funds.
Supervisor Michael Walsh asked whether SOLitude could be asked to compensate the district due to its poor performance. Mr. Adams said he will contact SOLitude and indicated he thinks it is reasonable "to hold them 50% responsible." The board then accepted the unaudited financial statements on a motion by Mr. Walsh, seconded by Ms. Vaughan, with all in favor.
The discussion did not produce a binding settlement with SOLitude; Mr. Adams will pursue contact with the vendor to explore compensation. The ICS account opening was presented as a routine investment step for surplus funds and no additional votes were required for that administrative action.
