[SchoolFinance] Interest earnings in municipal school districts

[Cathy Coffey]

Hi Adam,

We convinced the town that this was the right thing to do last year.  As a
result, they credited us with 3 years of interest earnings, based on the
interest rate our own sweep account earned each month.  So basically, the
amount that we would have earned had the balance due us had been in our
bank account.  I've attached the spreadsheet where I calculated this.

I started with the amount due from town from the audit report, then I
looked at our bank statement for each month.  I divided the town assessment
by 1/12 and compared it to what they transferred to our account to cover
the warrants, then added or subtracted to the amount due from town.  That
amount was then added to our average daily balance, and that month's
interest rate applied.  The difference between what we earned, and what we
would have earned, is the additional amount due from the town.

The superintendent wants them to give us what they earn in interest on
their investment accounts, which I guess is significantly higher than what
we earn.

Let me know if you have questions.

Thank you,

On Tue, Dec 16, 2025 at 12:43 PM Adam Hanson <
ahanson at lewistonpublicschools.org> wrote:

> Good afternoon,
> For those of you in municipal school districts where the town/city holds
> all of the cash, do you earn interest on your share of those funds?
> If so, how is that interest calculated and allotted to you?
> Thank you.
>
> --
> Adam Hanson
> Controller
> Lewiston Public Schools
> 36 Oak Street
> Lewiston, ME 04240
> Phone: (207) 795-4100, ext. 4051
> Fax: (207) 795-4177
>
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-- 
Catherine Coffey, Business Manager
Wiscasset School Department
cell phone   207-578-2293
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