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Finance update: city invested roughly $2M, conversion to new finance platform underway
Summary
Finance staff reported moving about $2 million into new investment accounts tied to reserves and bond issuances, earning about $20,000 in interest over three months; staff also outlined phase 2 of a financial system conversion affecting utility billing and cashiering.
Commerce finance staff provided a quarterly investments update and a status report on the city's finance-platform conversion at the Jan. 20 council meeting.
Staff said roughly 25 percent of the fund-balance policy (about $2,000,000) was moved into an investment pool, producing about $20,000 in interest over the last…
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