Rocky View Schools selects new financial provider
Thursday, Feb 01, 2018 06:00 am
At its regular meeting Jan. 25, the Board of Trustees of Rocky View Schools (RVS) approved a motion to appoint the Royal Bank of Canada (RBC) as its new banking services provider.
According to Associate Superintendent of Business and Operations Larry Paul, the decision to seek a new bank was made after Alberta Treasury Branch (ATB) was unable to continue providing the level of services the division needs.
A request for proposal (RFP) was sent out and RBC was the winning bank. RBC will now provide all cash management, investment services and lines of credit for the division.
According to Paul, RVS staff is working with RBC to transition banking services. It is expected this work will be completed by the beginning of the 2018/19 school year.
Traditionally, a line of credit for $5 million is set with the division’s bank. This line of credit is expanded to $10 million in July, when the division is required to pay its teachers’ July and August wages.
According to Superintendent of Schools Greg Luterbach, RBC has recommended the line of credit be set at $10 million throughout the year as this is simpler to administrate.
In response to a question from trustees, Paul confirmed ATB was included in the banks applying to the RFP, but was found not to have the technology and support required to fulfill the needs of a division the size of RVS.
Terms of reference
Trustees continued to review recommended revisions to the terms of reference for its various committees. At the Jan. 25 meeting, trustees were asked to approve a change to the terms of reference for the Advocacy Committee to specify the committee’s membership and authority.
Under the revision, the committee will include the Alberta School Boards Association Zone 5 representative, the Board Chair and a trustee-at-large. They will have the authority to recommend lobbying and advocacy plans to the Board of Trustees.
Trustees unanimously approved these changes.
Board Chair Todd Brand said trustees will be having a face-to-face meeting with Alberta’s Minister of Education David Eggen Feb. 1 (after press time).
“We know there’s a lot of school boards in this province and he’s making a very concerted effort to get out and meet with school boards, and we are very grateful to have the chance to have a one-on-one with him,” Brand said.