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Finance officer reports higher interest earnings and modest sales-tax gain for Dell Rapids
Summary
Finance officer Claire reported a substantial increase in interest earned from local bank investments since mid-2023 and noted a $9,000 year-over-year increase in sales tax collections; council discussed whether to use investment returns to pay down debt but no action was taken.
The Dell Rapids finance officer reported to the council that the city's decision to move funds into six-month certificates of deposit and to add funds to First Interstate Bank led to materially higher interest earnings over the past 18 months.
Claire told the council that since mid-2023 the city earned about $103,000 in interest at…
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