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City staff to present tax-anticipation note bids; audit work nearing completion
Summary
Finance staff reported audit work is approaching completion and that five local banks submitted bids for the city’s tax-anticipation note; committee members welcomed local bank participation.
Nate (finance staff) said the city is in “the final stages of getting this audit complete,” and that staff are working to finish reconciliations so the audit process can move forward.
On short-term financing, Nate reported, “I believe we've gotten 5 bank bids so far,” for the tax-anticipation note that the council will consider this month. When asked whether the bids came from local institutions, Nate replied, “Yes.”
A council member noted the importance of local participation: “If I may, all the Ellsworth banks ... contribute a lot to the community. So to hear that they're all Ellsworth banks that we're considering, I think is important.” Committee members said staff had contacted seven or eight banks and received five local bids.
The nut graf: staff asked the committee to note that final reconciliations are needed to close the fiscal year and to allow the audit and financing process to proceed; the tax-anticipation note bids will be presented to the full council as soon as staff compiles the final bid information.
No vote was taken at the finance meeting; committee members said they expect staff to present final reconciliations and the compiled bank bid results at the upcoming council meeting.
