Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
Whitehall banking change yields nearly $50,000 in interest; board to return funds to general fund
Summary
Board heard that switching to independent banking and STIP investments produced $49,977.41 in interest between July and February versus $2,634.76 the prior year; the board said the funds will go back to the general fund and may be divided among funds per a spreadsheet.
A finance update reported that the district's move to independent banking and STIP investments produced $49,977.41 in interest from July through February, compared with $2,634.76 under the previous county arrangement. "From July to February, we have made $49,977.41 in interest," the presenter said, adding that the amount can be returned to the general fund and that staff are working on a spreadsheet to divide interest among funds.
Board members noted the difference this revenue can make in a tight budget and discussed practical uses and distribution. The presenter said larger card expenditures on the district credit card are being organized to gain additional rebates as well.
