Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance And Budget topic
No spam. Unsubscribe anytime.
Tourism board approves starting transfer to US Bank; budget finalization delayed until late summer
Summary
The Sumner County Tourism Board voted to begin the process of moving operating accounts from Edmonton Bank to US Bank and heard that the county budget remains unfinalized (likely late August–early September); the board cannot complete the transfer until minutes formalize the vote.
The Sumner County Tourism Board voted to begin the process of transferring operating accounts from Edmonton Bank to US Bank and discussed the county budget timeline, which the director said is not expected to be final until late August or early September.
The director recommended moving funds to US Bank because it participates in the state collateral pool and is offering a money-market rate she described as 3.5 percent; she said the account would be liquid and that Wilson Bank and Trust was offering a higher introductory rate that declines after six months.
Board members moved and seconded a motion to start the transfer process; the chair called for the vote and members said "Aye," after which staff may proceed with the bank's onboarding steps once the minutes recording the vote are finalized.
On the county budget, staff reported the tourism budget figures submitted to county staff remain in draft ("in red") and the county accounting or accrual process has not finalized numbers. The director said the fiscal year begins July 1 and that if the board does not have a finalized county budget by then, the board will operate under a contingency budget and use reserves to continue operations.
The board also heard a brief financial report that year-to-date expenses are under budget and revenues are on track; staff said occupancy (demand) currently is down while average daily rate (ADR) has declined only a small amount.
No detailed contingency appropriation was adopted at the meeting; the board formalized only the motion to start the bank transfer process, subject to completing minutes required by the bank.
