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Bear River council discusses moving $500,000 into municipal investment account
Summary
Council members discussed a proposal to transfer another $500,000 from the general fund into an externally managed municipal investment account (transcribed as 'Wild' account), noting higher yield and accessibility considerations; staff provided account balances and liquidity details.
Council members discussed placing an additional $500,000 of town general-fund money into an investment account referred to in the transcript as the 'Wild' account. Council member Barb said she was "advocating we can move another 500,000," and indicated she would bring a resolution to the next council meeting to authorize the transfer.
Staff provided figures and liquidity information. A staff speaker reported a current general-fund balance of "$11,200,000.0 and some change" and warned that depositing another $500,000 would reduce the general fund by that amount. Council and staff noted the investment account had earned more interest than the general account year to date. Council asked about accessibility; staff said withdrawals are generally possible but may take one to two business days to clear depending on transaction processing.
No formal vote on the transfer was recorded at the workshop; the council signaled intent to place a resolution on a future council agenda.
