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Evansville City Land Bank approves August financials, directs reinvestment of matured CD
Summary
The Evansville City Land Bank approved its August financial statements, ratified an email contract for asbestos inspections, and voted to follow staff guidance on reinvesting a recently matured $50,000 CD, while maintaining liquidity for operating needs.
The Evansville City Land Bank Board approved its August 2024 financial statements and directed staff to follow the treasurer’s recommendation for reinvesting a recently matured certificate of deposit.
Jessica, a board staffer, summarized the financial report, saying the income lines reflect monthly installments from the city and that interest income had been added by Adam Moore. She listed routine and one-off expenses including bank fees, building maintenance at 401 North Main, July legal fees, demolition advertising, land bank inspector fees, and a $473 workers’ compensation refund.
Adam Moore reported that a $50,000 CD matured about two weeks earlier and asked for direction on reinvestment. "So that would be just a little over a year. We're looking at probably about 4% at this point," Moore said, explaining that CDs remain competitive versus agency and Treasury instruments and noting the board’s liquidity position in the Indiana Member's Bank account.
An unidentified board member moved "to follow Adam's direction" on the investment recommendation; the motion was seconded and approved by voice vote. The board also voted to approve the financial statements as presented.
Separately, the board ratified an earlier email vote to engage Crane Environmental Services for 2024 asbestos inspections. The engagement and the email-vote tally were included in the meeting packet and were confirmed at the meeting.
The board did not record a roll-call vote count in the minutes provided; motions were adopted by voice vote. The land bank plans to report back on investment placement and to circulate contract paperwork for the Crane engagement as part of its next packet.
