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Conway City approves April financials and directs staff to seek higher CD rate
Summary
The Conway City board approved April financial statements and asked staff to investigate higher interest options for a certificate of deposit, citing a current 2% yield versus market offers of about 3.9%–4.7%.
The Conway City board voted to approve the city’s April financial statements and directed staff to investigate higher interest options for a certificate of deposit that is currently yielding 2%.
City staff reported account balances and month-to-date results during the meeting. Jill (staff member) reported the operating account balance at $2,331,587.52, the collections account at $1,341,804.94 and a CD balance of $511,934.18. For the month of April 2025, net income was reported at $115,801.86; year-to-date totals were near last year’s level at $267,116.37.
The CD’s 2% rate prompted discussion about shopping the renewal. One speaker noted checking market rates and seeing offers “3.9, 4.7,” and recommended looking for a higher-yield option. Board members instructed staff to identify the CD’s renewal date and, upon renewal, solicit bids or otherwise pursue a higher rate. Denise (staff member) was named as a contact to start those conversations.
A motion to approve the financials with the caveat that staff pursue higher CD rates upon renewal was made and seconded; the board voted to approve the motion. Melissa (board member) seconded the motion and the vote passed by voice.
Board members also reviewed collections and revenue performance reported elsewhere in the meeting, noting that revenues for the period were higher than the prior year but expenses were also higher year over year.
The board did not adopt a specific new investment; instead, it directed staff to return with options at or before the CD’s renewal so the board can consider where to move the funds.
