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Board approves resolutions to move district funds to independent banking model
Summary
The board voted to approve two resolutions — a School Funds and Investment Resolution and a County Treasurer Agreement — that will allow the district to receive tax revenue into district accounts and manage investments starting the next fiscal year.
The board approved two related resolutions that, if implemented with county acceptance, will let the district receive tax receipts directly into its own bank accounts and invest funds rather than relying on month-delayed county reconciliation. Staff explained the change would shift tax receipts from a monthly reconciliation model to a one-time lump-sum transfer into district-managed accounts and reduce the need for intergovernmental journal-voucher adjustments when retroactive coding of funds occurs.
Staff characterized the change as operational and said it would not take effect until the start of the next fiscal year on July 1. The board approved the School Funds and Investment Resolution and the County Treasurer Agreement by motion and voice vote. No fiscal figures or county acceptance documents were presented at the meeting; staff said the county must also accept the agreement before the district can implement the new banking arrangement.
