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Council discusses $40M transfer to Regions Bank, seeks more checks and quarterly reporting
Summary
Council members questioned a recent transfer of a large investment fund to Regions Bank, discussed adding checks for large transfers and oversight of the CFO’s authority, and staff committed to quarterly investment reporting to council.
Milton council members resumed a discussion of the city’s investment policy after staff disclosed that nearly $40 million had been transferred from Truist to Regions Bank as part of a change in investment vehicle. Council members sought clearer written procedures, additional signers for transfers and regular reporting of investment holdings and maturities.
Councilwoman Farrow led the discussion, saying she had asked for details after discovering the transfer and noting the existing investment policy requires a written procedure and references an ordinance that has not been updated. City staff said the…
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