Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
Stilwell council tables $500,000 Strong Bank CD authorization amid questions about reserves and street-match funds
Summary
Council members debated a proposal to place $500,000 of city funds into two nine‑month certificates of deposit at Strong Bank (5.45% annual) and voted to table the authorization pending more information about general-fund impacts and a $600,000 match for a street project.
Councilors discussed a proposal that would have authorized the city clerk/treasurer to place $500,000 into two automatically renewing nine‑month certificates of deposit at Strong Bank at a reported 5.45% annual rate. Members raised concerns about interest-rate volatility, the timing of the investment, and whether the funds are properly segregated from a $600,000 street‑project match the city is obligated to provide.
Multiple councilors said they wanted more information from city finance staff — including Larry, who was not present — and compared local bank offers and changing prime and weekly rate behavior. One council member summarized the concern: the city may be drawing on general-fund reserves that could be needed for the upcoming street project. Given those questions, Lane moved to table the authorization and Jim Barrett seconded; the motion to table carried.
City staff were directed to return with account-level details, rate comparisons, and a clear statement showing whether the $600,000 matching funds for the street project are already reserved in a separate account or remain within the general fund.
Next steps: finance will prepare a comparison of bank offerings and clarify how the street match funds are being held and report back at a future council meeting.
