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Treasurer recommends renewing general-fund six‑month CD at 4.1%
Summary
City Treasurer Conzo recommended renewing a maturing general‑fund certificate of deposit for six months at 4.1% and the committee placed the item on the regular agenda for council action.
City Treasurer Conzo told the Committee of the Whole on Aug. 26 that a general‑fund certificate of deposit due to mature in early September has renewal quotations from United Community Bank. The bank offered a six‑month renewal at 4.1%, a three‑month option at the same rate, and a nine‑month option at 3.9%; the treasurer said he recommended the six‑month term at 4.1%.
Conzo noted the timing of the council meeting relative to Labor Day and asked whether the committee would be agreeable to a Tuesday vote to renew the CD. Committee members placed the item on the regular agenda for the next council meeting; no council vote occurred at the committee session.
No official authorization to renew the CD was recorded at the Aug. 26 meeting. If the council approves the renewal at its next meeting, staff will complete the paperwork the following day, the treasurer said.
