The Eastern Pulaski School Board took the first step Monday in eventually allowing the school corporation to invest some of its funds.
Superintendent Dan Foster says the corporation has been talking with representatives from financial advising firm Umbaugh about making some short-term investments, “Some of it could involve lease-rental proceeds, and some of it could involve current proceeds held by the corporation as far as general fund or capital projects – just, basically, a chance to earn a few extra dollars, and if you have any money in a savings account, you’ll understand that you’re probably not getting a whole lot there. So any opportunity we have to get a few extra dollars that might help us down the road is a positive step in my opinion.”
The school board voted Monday to approve the five necessary items to allow the process to continue. Foster says it’s still in the beginning stages, “Over the course of the next year or so, if we get a few thousand dollars back that we could put toward something else that we didn’t think we were going to be able to accomplish but now we can, these are the documents that put that ability to do that in place. There’s no recommendation about what we’re putting it in. We don’t have interest rates. We don’t have that kind of stuff. This is the first step in Umbaugh’s recommendations to move forward for that possibility of investing any funds from that.”
He told the school board that specifics regarding the investments haven’t been worked out yet, “It’s not like they’ve come in and said we’re going to take x number of dollars and we’re gonna put it here, here, and here; we don’t have that yet. When we start getting to that stage, we’ll definitely share that information with you and go from there, but right now, this is just that first step in order to start some paperwork and some process to be looking at short term, long term, how do we do this.”
Also during Monday’s meeting, the Eastern Pulaski School Board voted to accept the updated agreement with the Educational Service Centers Risk Funding Trust (ESCRFT).