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Board accepts unaudited Aug. 31 financials and plans to invest surplus in BankUnited ICS account
Summary
Supervisors accepted the unaudited financial statements as of Aug. 31, 2024 and discussed opening a BankUnited Insured Cash Sweep account to invest General Fund surplus; a board member asked about potential compensation from SOLitude for poor performance.
District Manager Chuck Adams presented the unaudited financial statements as of Aug. 31, 2024 and reported that the district is opening a BankUnited Insured Cash Sweep (ICS) account to invest the General Fund surplus. Supervisor Michael Walsh asked whether SOLitude could be asked to compensate the district given perceived poor performance; Mr. Adams said he would contact SOLitude and thought holding them 50% responsible was reasonable.
On a motion by Mr. Walsh, seconded by Ms. Vaughan, the board accepted the unaudited financial statements. No dollar amounts for potential compensation were negotiated at the meeting; the ICS arrangement was described only as the vehicle to invest surplus funds.
