1) King County Investment Pool Update
Marcia Harris, Deputy Superintendent and Mark Spangenberg, Director of Business and Finance, reviewed a document outlining Shoreline’s Realized Losses (gone forever) and Impaired Losses (some level of prospect of recovery) from the King County Investment Pool on the 2006 bond dollars. These losses, a total of $1,457,589, occurred during the summer of 2008.
After discussions with other large school districts, a decision was made to write the entire amount off at the end of the 2007-2008 fiscal year. The County Treasurer stated that collections on some of those losses could occur over the next 15 years. Since that time, there has been a partial recovery of the impaired losses. Collections on impaired losses during 2008-2009 amounted to $134,220 and another $18,141 has been collected during 2009-2010 (thru December).
Prior to these losses, the King County Investment Pool enjoyed a very high rate of return for many years. The County is making two options available to districts. The first is mandatory and requires that members sign an Investment Pool Agreement each year.
The second is an optional Cash Management Services Agreement. The fee is based on the rate of return but is capped at 8 basis points. The services under both of these options were previously handled in one agreement for a fee of 15 basis points.
Agreements for both the Investment Pool and Cash Management Services will be brought to the March 1 regular meeting for Board approval.
2) 2010-2011 Budget Planning
Ms. Harris reviewed the enrollment projections for 2010-2011. Currently, the projected number of FTE students for 2010-2011 is 8,398, including 120 Running Start, a decrease from this year. She stated that Business Services staff would be meeting with individual departments at the Shoreline Center to determine their budget needs for next year.
Ms. Harris finished by informing the Board that the budgeted fund reserve for math curriculum of $650,000 will cover the high school math and probably most of the K-5 math adoption. These funds will be expended by the end of the year.
Superintendent Walker and Mr. Jacobs briefly reviewed the WASA/WSSDA Legislative Conference that they had just attended in Olympia, which included several individual visits with legislators.
Complete meeting agendas and minutes are available online.
No comments:
Post a Comment
We encourage the thoughtful sharing of information and ideas. We expect comments to be civil and respectful, with no personal attacks or offensive language. We reserve the right to delete any comment.