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Evansville bond bank reports higher cash balances, board questions insurance and interest income drop
Summary
The Evansville Local Public Improvement Bond Bank reported higher cash and CD balances but noted a sharp drop in interest income; board members asked about state deposit insurance coverage and diversification of holdings.
The Evansville Local Public Improvement Bond Bank reported that its cash and certificates of deposit rose to about $6,328,000 from $5,590,000 since Dec. 31, a board staff member said at the meeting.
Board members heard that the increase reflects a $954,000 collection from the police department loan, roughly $159,000 in interest income from investments and a $375,000 payout for ERAP-related expenses. "Since in the past 6 months, we've been pretty stable. Our cash total cash and certificates of deposit are up to $6,328,000 up from $5,590,000 since, December 31," Cody, who presented the financials, said.
The bank's loans outstanding…
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