North Wasco County SD 21 approves HRA signer update, authorizes OSBA tax anticipation note pool participation
April 12, 2024 | North Wasco County SD 21, School Districts, Oregon
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The North Wasco County SD 21 school board on April 11, 2024, approved administrative changes to its employee health reimbursement arrangement (HRA) signatories and authorized participation in an Oregon School Boards Association (OSBA) tax anticipation note pool to cover short-term cash flow needs while the district awaits tax receipts.
Interim Chief Financial Officer Randy Anderson, introduced at the start of the meeting, told the board he is working to reconcile the district’s books and urged the board to delay the first budget committee meeting to allow time for legally compliant journal entries and fund reclassifications. "I'm trying to cram a 3 month process into 3 weeks," Anderson said, and added the district will likely need to amend the budget only once after an initial compliant adoption.
On benefits administration, the board voted to update authorized signers on the district group HRA account to reflect recent staffing changes. Director Nelson moved the motion, Richardson seconded it, and the board responded with unanimous 'aye' votes and the chair declared the motion passed.
Anderson presented Resolution 23-24-04, which would authorize the district to participate in OSBA’s tax anticipation note pool—short-term, six-month notes that provide interim cash until tax collections arrive. He described the product as "sort of like overdraft protection," explained that participants typically borrow until November tax receipts are received, and warned that notes generally cannot be retired early. Anderson described a projected buyer yield example and the underwriting process, noting the district would undergo credit questionnaire and disclosure steps required for public debt issuance.
Board members asked whether notes can be retired ahead of maturity and how the borrowing will affect next year’s budget. Anderson said purchasers expect the six-month term and that repayment will appear as debt service in next December's budget; beginning cash in the next fiscal year will be higher if funds are not spent before the tax collections arrive. Chair moved to adopt Resolution 23-24-04; Director Nelson moved, Director Lopez seconded, and the motion passed.
The board also discussed relocating its May 3 retreat because end-of-year testing and site workloads would limit participation; members preferred scheduling in June to secure wider attendance and to allow budget information to inform retreat goal-setting. Finally, the board convened into executive session under ORS 192.660(2)(b) to consider dismissal or discipline matters and ORS 192.660(2)(i) to review and evaluate the superintendent.
The board did not record additional formal actions on the public record before moving to executive session.
Interim Chief Financial Officer Randy Anderson, introduced at the start of the meeting, told the board he is working to reconcile the district’s books and urged the board to delay the first budget committee meeting to allow time for legally compliant journal entries and fund reclassifications. "I'm trying to cram a 3 month process into 3 weeks," Anderson said, and added the district will likely need to amend the budget only once after an initial compliant adoption.
On benefits administration, the board voted to update authorized signers on the district group HRA account to reflect recent staffing changes. Director Nelson moved the motion, Richardson seconded it, and the board responded with unanimous 'aye' votes and the chair declared the motion passed.
Anderson presented Resolution 23-24-04, which would authorize the district to participate in OSBA’s tax anticipation note pool—short-term, six-month notes that provide interim cash until tax collections arrive. He described the product as "sort of like overdraft protection," explained that participants typically borrow until November tax receipts are received, and warned that notes generally cannot be retired early. Anderson described a projected buyer yield example and the underwriting process, noting the district would undergo credit questionnaire and disclosure steps required for public debt issuance.
Board members asked whether notes can be retired ahead of maturity and how the borrowing will affect next year’s budget. Anderson said purchasers expect the six-month term and that repayment will appear as debt service in next December's budget; beginning cash in the next fiscal year will be higher if funds are not spent before the tax collections arrive. Chair moved to adopt Resolution 23-24-04; Director Nelson moved, Director Lopez seconded, and the motion passed.
The board also discussed relocating its May 3 retreat because end-of-year testing and site workloads would limit participation; members preferred scheduling in June to secure wider attendance and to allow budget information to inform retreat goal-setting. Finally, the board convened into executive session under ORS 192.660(2)(b) to consider dismissal or discipline matters and ORS 192.660(2)(i) to review and evaluate the superintendent.
The board did not record additional formal actions on the public record before moving to executive session.
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