Barbara Robey, Director, Government Relations, Arizona School Boards Association, expressed support for S.B. 1317 and explained that it would allow the school districts to follow federal regulations in this arena in lieu of the State Board adopting duplicitous rules. Chuck Essigs, Assistant Superintendent for Business Services, Mesa Public Schools, expressed support for S.B. 1317 and noted that it will serve the school districts and make federal compliance easier. Chairman Schottel moved that S.B. 1317 do pass. Vice Chairman Gray moved that S.B. 1249 do pass. Aside from printing warrants, there is no audit or administrative function necessary.
Charter schools deal directly with their banks.
Under S.B. 1068, each public school would be required to establish an investment policy and invest their own funds. The investment policy must be pre-approved by the Auditor General's Office. School funds are now invested by the County Treasurer. Two-thirds of the interest on invested funds would go towards classroom instruction. In smaller schools, it may be difficult to find a staff member with sufficient expertise to conduct this administrative business, and a person may need to be brought in.