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Treasurer reports account balances; council discusses moving maturing CD into savings
Summary
The treasurer reported checking and various savings balances and noted a certificate of deposit (CD 101) matures on Aug. 10, 2025 and will automatically renew; council discussed needing a motion to move funds into general savings or PTIF accounts.
The treasurer reported the city’s checking and savings balances and told the council that Certificate of Deposit 101 will automatically renew on Aug. 10, 2025 unless funds are moved.
During the treasurer’s report, the speaker read balances: checking beginning balance $149,730.30, deposits $68,799.97, withdrawals $109,635.24 and checking ending balance $108,895.03. Other accounts reported included share savings sewer loan $54,949.47; savings general $133,278.62; savings water $229,721.47; savings B and C roads $250,084.10; money market wastewater loan $12,186.59; CD 103 $13,389.93; CD 104 $3,688.93; parks and recreation impact fee $7,827.65; wastewater impact fees $10,454.70; water impact fee $2,136.72.
The treasurer noted that CD 101 will automatically renew for another 12 months on 08/10/2025 with a maturity date of 08/10/2026 and that the dividend rate and annual percentage yield will be available on or after 08/10/2025. A councilmember asked whether a motion would be required to withdraw funds from the CD and move them into general savings; staff replied a motion would likely be required and that the council could address it under the treasurer’s report in the regular meeting.
A staff member said once signatures and paperwork are complete the city can transfer funds into PTIF accounts. No motion to move funds was recorded in the transcript.
