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Fillmore Central School Board: Board votes to stay with Liquid Asset Fund


Fri, Dec 22nd, 2006
Posted in Education

In a unanimous vote, the Fillmore Central School Board decided to stay with the MN School District Liquid Asset Fund (LAF) for their depositing, investing and banking needs. For the last month, the board has been reviewing proposals from F&M Bank in Preston, First Southeast Bank in Harmony and the Liquid Asset Fund.

Dan Christianson from F&M Bank attended the meeting last week to reiterate his opinion that the school district should utilize their local banks more.

"The money comes back and stays in the local economy," he stated.

Chairman Ron Stevens expressed that local banks have been very supportive of the school, and the board owed it to them to consider their options. He added that the district has always been happy with the Liquid Asset Fund.

The proposal from F&M Bank showed the interest rate for when the cash balance was one million dollars or more at 4.8 percent, and the rate when the balance dropped below one million dollars at 4.3 percent. Right now the cash balance is at more than $1 million. The rate would change each day depending on the balance.

Superintendent Myrna Luehmann said the balance may or may not go down in the next year. Some of the funds come from the recent referendum and other loans.

The difference in interest acquired in a year between F&M Bank and the LAF was estimated at $6,000.

"The benefit of this would be to support the banks that support our school," said board member John Torgrimson. "But there's the inconvenience and problems of switching with no direct benefit to the district."

Facility Maintenance

Luehmann updated the board members on the current maintenance projects going on at the school. Some cracks in the wall of the high school gym are being looked at by engineers. A mock OSHA walk-through came up with some Health and Safety issues that will be looked at, including electrical issues. Doors and frames at the old front entrance to the high school will be replaced some time in January. There will be some more asbestos removal at the second floor of the high school next summer. Luehmann will be bringing more information about Phase 2 of the tuck pointing project to the next meeting.

Other business

• K-8 Principal Brenda Lentz mentioned in her report that the newly-created Parent Teacher Committee (PTC) has met. A newsletter that went out in the Friday folders last week informed parents of the committee and volunteer opportunities. Lentz stated that there are several people interested in helping out, and the committee seems to be very committed and eager to help as well.

• Lentz also mentioned that KIMT out of Mason City, Iowa would like to set up a Live Weather Station in the K-8 building. The station should be installed in January.

• The board approved to adopt the 2006 payable 2007 levy of a total of $1.1 million.

• Members of the Negotiations Committee were encouraged to attend a MSBA (Minnesota School Board Association) Negotiations Seminar in Rochester on January 26, 2007.

• The January meeting was changed to Thursday, January 25 at 6:30 p.m. at the Middle School in Preston.

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