RCSCW releases money for pro shop remodel, other projects

The Recreation Centers of Sun City West governing board prepared for its two-month summer hiatus Thursday by giving General Manager Mike Whiting the go-ahead to spend more than $1 million for everything from the purchase of grass seed to the remodel of the Stardust Pro Shop.

The release of the funds was necessary because projects costing more than $50,000 require board approval.

Included in the motions, which were approved unanimously, was the pro shop remodel, which has a price tag of up to $265,000; the replacement of equipment for golf course maintenance not to exceed $511,669; and the purchase of rye grass for annual over-seeding, which is limited at $275,000.

The board also approved a motion rescinding a $1 million limit on association investments in the Certificate of Deposit Account Registry Service, or CDARS, program.

In April, the board approved opening an account with First Community Bank, a particpant in the CDARS program but set a limit of $1 million as it examined the program's merits.

Currently, the association invests in "T-bills, which have a low interest rate, and CDs, which are time consuming to manage," Ernie Prindle, chief financial officer, stated in a memo to the board explaining the request.

"At this time, I feel comfortable with the CDARS process," he said.

Board Treasurer Norm Bunas said the investment program has proven to yield about 2 percent interest on association funds - approximately double that of previous investments in treasury bills - and he is confident in the program. The total amount invested in the program will be left up to Prindle and association staff, he said.

"This will allow us to have a direct impact on the (funds in the budget) by increasing the amount of interest we can earn and still maintain the safety that is required by our policies and bylaws," Bunas said.

The CDARS program is insured by the Federal Deposit Insurance Corporation.