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City manager recommends changing bank contract and using idle cash to create cushion for rising costs
Summary
Staff reported about $17 million of city cash earning no interest under the current banking agreement, described a pending bank RFP response offering yield on those funds, and proposed reserving potential new revenue to help cover budget gaps such as a higher health insurance renewal.
Cooper City staff told commissioners their current operating cash position includes approximately $17 million that the city said is not earning meaningful interest under its existing bank agreement, and presented a plan to select a new banking services vendor to improve returns.
The City Manager described a recent RFP for banking services and said the current account holding approximately $17 million is effectively earning zero; vendors responded with proposals that would pay interest and/or compensation on those balances. The…
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