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Finance committee asks staff to research bank consolidation to boost interest earnings
Summary
At its Jan. 14 meeting, the Flambeau School District Finance Committee directed District Administrator Mark Stamper and Bookkeeper Lori Applebee to survey local banks' interest rates and recommend whether to consolidate accounts; a recommendation is due before July to align with the new fiscal year.
The Flambeau School District Finance Committee on Jan. 14 directed District Administrator Mark Stamper and Bookkeeper Lori Applebee to research local banks and report back with a recommendation before July on whether the district should consolidate accounts to maximize interest earnings. The instruction was recorded during the committee's discussion of district financial institutions.
Committee members framed the task as a preparatory step to position the district for the upcoming fiscal year. According to the minutes, the staff were asked specifically to "research local banks to determine their interest rates" and to present a recommendation to the full board before July so any selected financial institution can be in place at the start of the new fiscal year. The minutes do not specify a target interest-rate threshold or list candidate banks; those details are to be supplied in the staff recommendation.
