The Frankfort Independent Schools board approved a request for proposals for its banking services at a Monday night meeting.
Tom Campbell, the school district’s finance director, said the Kentucky Department of Education encourages districts to put out RFPs for banking services about every five years to ensure the best service. The district’s accounts are currently with Community Trust, and they could continue to be after the RFP is finished.
“The more banks we get involved, the more competitive it will be,” Campbell told the school board.
A decision on the proposals would be made in the spring to give the school district time to switch banks, if needed, before the end of the fiscal year. Superintendent Houston Barber said the RFP proposes that a contract between the district and the selected bank have a two-year term with possible renewal for three one-year terms.
The board was originally going to hear its 2019 audit report Monday, but due to illness with one of the auditors, the presentation will be heard at a later date. The board also went into closed session at the end of the meeting for the formative part of Barber’s evaluation.
Action items approved on Monday included adding Dec. 28, 2020, to the board meeting calendar and an emergency certification for a chemistry teacher at Frankfort High School.
The next FIS meeting will be Jan. 13 at 6 p.m. in the central board office.