Sherman ISD's investments brought in $11,851,326 in interest during the fiscal year that ended June 30, according to an annual report the district's finance office has prepared for trustees.
Most of that came from money set aside for construction. The capital projects fund, which holds bond proceeds, earned $9,843,311. The general fund, which pays for day-to-day operations, earned $1,243,562, and the debt service fund earned $689,629. The child nutrition fund added $74,710.
Chief Financial Officer Mandi Lewis is listed as presenting the report during the board's workshop, which starts at 5 p.m. Monday, Oct. 19, at the Sherman ISD Service Center, 2701 N. Loy Lake Road. Accepting it, along with a resolution that keeps the superintendent and the CFO as the district's investment officers, is on that night's consent agenda.
Where the money sits
The report puts the district's portfolio at $279,189,672 on June 30. About $231.2 million of that was in the capital projects fund, $33.3 million in the general fund and $14.6 million in debt service.
By type, the largest holdings were:
- $104.8 million in TexPool, the state-run investment pool for local governments
- $102.2 million in certificates of deposit
- $32.8 million in Simmons Bank's insured cash sweep program
- $30.9 million in the Lone Star Investment Pool
- $6.9 million in a NexBank insured cash sweep account
The report names Simmons Bank, the district's depository, along with South State Bank and American National Bank & Trust as the main banks holding its deposits, and says the deposits are covered by FDIC insurance or pledged collateral.
