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Commission approves first reading to revise ordinance on investment and disposition of idle funds
Summary
The commission approved the first reading of ordinance G-25-O5 to add language letting city administration, in accordance with annual budgets, credit earnings from investments pro rata and allow up to a 7.5% administrative fee to the general fund; staff said roughly $31 million is in local bank accounts and $24 million in other investments.
The Coffeyville City Commission on Tuesday approved the first reading of an ordinance amending the city's rules for investing and allocating earnings on idle funds.
Martin Cummings, director of finance, described the amendment as an addition to existing language that would allow city administration to credit earnings from investments "pro rata to the funds of the city from which the investments were made, or to the…
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