Without discussion, the Franklin County Board of Education voted unanimously Monday to move the school district’s multimillion-dollar bank account from Community Trust Bank to Traditional Bank.
“We went with the bank with the highest interest rate,” Superintendent Mark Kopp said in his recommendation to the board.
Of the top three bids, both Community Trust Bank and Independence Bank offered a 2.4% rate. Traditional Bank presented the highest rate, up to 2.51%.
For an account that at times holds $31 million or more, Traditional Bank’s rate could yield up to $34,000 more annually in interest compared to the two competitors. The account balance fluctuates throughout the year as payroll is deducted and taxes are collected. Interest rates are also subject to change with the market.
The floor rate for Traditional Bank is 1.75% compared to 0.15% for Community Trust and 1% for Independence Bank, according to school officials.
In addition, Traditional has pledged a $6,000 donation to the district for school supplies and other items.
Kopp also informed the board that FCS has partnered with Scholastic to provide five-book sets for all students in preschool through fifth grade.
“That’s more than 17,700 books in the homes of Franklin County kids,” he explained, adding that the books are an assortment of non-fiction, fiction and STEM, and there are also ESL book packs available in Spanish. “It’s designed to help prevent the ‘summer slide,’ a skid in overall performance because of being on summer break.”
In other business, the board:
• Approved the 2019-20 meeting schedule, which Kopp said is very similar to this year’s, although lunch during working meetings will be optional.
• Approved a tentative budget for 2019-20 based on what the superintendent called guesstimates, as many of the numbers aren’t yet in. However, the tentative budget does not include a raise for staff.
“Those are things you can look at down the road,” he told the board. “It would include looking at raising the tax rate.”
• Honored FCS Team Members of the Month — Brandon Hurley, a kindergarten teacher at the Early Learning Village, and Betty Lawson, youth services coordinator at Bondurant Middle and Western Hills High schools.
• Honored Alicia Lyles, music teacher at Elkhorn Elementary School, with the FCS Champions Medal for being named one of the top eight elementary educators across the state by Valvoline.
• Honored students for state-level awards, including: Bridgeport academic team, STLP and archery; Collins Lane academic team; Elkhorn Elementary academic team and archery; Westridge fifth grade Battle of the Books winners and STLP; Bondurant State Spelling Bee winner, STLP, academic team (quick recall and future problem solving) and Mathcounts team; Elkhorn Middle Battle of the Books winners, STLP and KUNA; Franklin County High DECA, wrestling, FFA and FFA Parliamentary Procedure team; and Western Hills Craft Academy, Gatton Academy, Governor’s Scholars, Governor’s School for the Arts, Governor’s School for Entrepreneurs, Spanish Award for Global Seal of Bi-Literacy, All-State Band, HOSA, KYA, KUNA, DECA and Beta Club State Convention.
• Was reminded that two graduations will take place May 23 at Paul Sawyier Public Library — The Academy at 9:30 a.m. and William Cofield High School at noon. The other two county schools will graduate at AllTech Arena at the Kentucky Horse Park on May 25 with Western Hills slated for 2 p.m. and FCHS set for 6 p.m.
The next FCS board meeting is scheduled for 11:30 a.m. on May 20 at Bridgeport.