Finance committee outlines public‑depository schedule, endorses minority‑bank outreach and advances appropriations
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Summary
The Finance & Personnel Committee reviewed the Ohio Revised Code public‑depository schedule and interim‑monies resolution, discussed outreach to minority‑owned banks (Adelphi Bank), and advanced routine appropriations (a $12,511.84 fire grant line and $20,000 pool repairs); council will act on depository resolutions next week to meet ORC deadlines.
The Finance & Personnel Committee reviewed a set of finance items Monday night, including the five‑year public‑depository process required by the Ohio Revised Code, consideration of minority‑owned depositories, and several appropriations and fund transfers.
Chair Jessica Thomas described the schedule: the city must accept applications from banks and designate public depositories by March 1; the administration will send application letters to interested banks between Feb. 1–7 and asked council to consider suspending rules next week to meet the statutory timeline. The treasurer told members the draft resolution will estimate interim monies for deposit and that the draft cap would be $35,000,000; he said about $31,000,000 is currently invested and that the cap number will be updated before the resolution is finalized.
The mayor urged the committee to ensure at least one minority‑owned financial institution (he named Adelphi Bank in Columbus) is considered for city business, arguing that including a minority‑owned bank could support local diversity and potentially encourage a branch in Athens. The treasurer described standard application requirements (financials, signed city investment policy) and said the city follows ORC investment rules.
On appropriations, the committee advanced a $12,511.84 movement to the general fund for capital improvements tied to a state fire marshal grant (to help purchase fire radios) and a $20,000 transfer from the income tax fund for permanent pool skimmer repairs; both were presented as routine moves and moved forward with no recorded opposition.
The mayor also described a $237,000 tranche received from the state as Athens’ share of the cannabis excise‑tax distribution (36% of the 10% excise tax), and the committee agreed to move $214,000 from the city’s unrestricted revenue (described in discussion as the host‑community cannabis fund or general revenue) to cover remaining armory punch‑list items because special‑revenue language restricts the use of certain grant interest for new construction.
Members asked for clarifying language and updated figures, which the treasurer and administration said they would provide before the next council session.
