West Miami gives city manager authority to consolidate accounts and renew line of credit
Summary
The commission unanimously authorized the city manager to designate a new primary banking institution, renew a line of credit and consolidate operating and investment accounts to improve treasury flexibility.
The City Commission of West Miami voted 4-0 Oct. 1 to authorize the city manager to designate new primary banking institutions, renew the city's line of credit and transfer and consolidate operating, research and investment accounts into the designated institutions.
Why it matters: The resolution gives the city executive flexibility to manage municipal cash and banking relationships, which affects short-term liquidity and financial operations.
Details: The manager said the resolution does not increase funding or change authorized balances; it provides administrative authority to shift city funds between institutions and to renew credit facilities as needed.
Next steps: Staff will pursue the designated banking relationships and any required administrative steps to consolidate accounts and renew the line of credit.
