Council reviews treasurer's report, discusses PTF transfers and account setup

The council reviewed the treasurer's report for August 2025 and discussed moving city funds into the state Public Treasurers' Investment Fund (PTIF) to consolidate accounts and improve liquidity and yield.

Why it matters: moving city funds to PTIF would change where the city holds deposits and how tax commission and other deposits are received; council must complete administrative account setup to effect transfers.

The treasurer reported checking beginning and ending balances and various savings and CD amounts for August 2025. The checking ending balance was reported as $94,296.75 and various savings and funds were listed, including water savings of $230,268.46 and streets reserves of $250,094.72. Shay explained PTIF is a state program where municipal funds can be held; it is intended to be more secure and offer better interest than commercial accounts.

Shay said the city has signed required forms and staff can log into the state portal to create accounts and instruct the tax commission on direct deposits once the city completes the account setup. Patricia and other staff will need to finalize account configuration; Shay offered to help work with state staff to complete the setup.

Action: council acknowledged the treasurer's report and staff agreed to coordinate account setup with the state to move eligible funds into PTIF and to notify the tax commission of the correct deposit accounts once established; no funds were moved during the work session because account login/setup remains with the city.