$20 million investment yields $170,000 a year

School board members learned last week that the investment of just over $20 million the district has in excess revenues earned $170,000 in interest during the past fiscal year, a return average of 1.2 percent.
The information was included in a report presented by Michael Patin with the Raymond James investment group.
Patin said the district funds were invested in government backed securities that earn very conservative income. He suggested the board consider modifications to the investment strategy that might result in an additional $50,000 in earnings in the future and members asked him to prepare specific recommendations for them to consider at a later date.
The board has managed to build this reserve over a number of years at the urging of auditors who suggest the fund be sufficient to cover up to four months of expenses in the event of some type of catastrophic event that would drastically reduce revenues. This reserve fund has helped the board secure favorable interest rates on the capital improvements bonds it has issued in recent years, reducing interest expenses that in turn help keep tax levies down.
In other finance related matters, the board approved the creation of an administrator position for the new College and Career Readiness Center at a projected annual cost of $82,000.
Superintendent Dr. Lottie Beebe said the total budget for the first year of operation of the Center, to be located on the current Breaux Bridge Elementary campus, is projected at just under $335,000.
Dr. Beebe said she had an individual in mind for the position and that it would be a lateral transfer of a present employee who was not identified.
In other business, board members:
•Agreed to change the 2016 graduation date from Friday, May 20, to Friday, May 13.
•Agreed to reschedule its June and July meetings to June 10 and July 15.
•Approved the creation of the position of Pre-K resource/technical facilitator to help handle the increased requirements of the Early Childhood Network.