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Council approves $30,000 library budget amendment and updates investment policy
Summary
The council approved a budget amendment to accept up to $30,000 in donated funds for library renovations and authorized a technical update to the city's investment policy to explicitly allow SIDARs/ICS accounts coordinated through local banks.
The Perry City Council approved two finance-related items: a budget amendment to accept donated funds for library renovations and an amendment to the city’s investment policy.
CFO Meredith summarized January financials, noting a temporary cash decline tied to capital spending and the municipal-authority results for the month. She then explained a proposed budget amendment to accept up to $30,000 from the Carnegie/Progress Club to fund library bathroom and fixture renovations; staff said the actual cost will likely be less than $15,000 and that the donation will cover the expense so there is no net impact on the general fund. Council moved, seconded and approved the amendment on roll call.
Meredith also presented a one-line technical change to the investment policy to explicitly permit participation in SIDARs (certificates of deposit) and ICS (money-market) accounts coordinated through local banks. She described the local-bank facilitation, third-party audit confirmation process and the rationale (better interest rates and easier pledge-security management). Council moved and approved the policy revision.
Meredith said staff will bring formal paperwork on the budget amendment to the next meeting, and that staff will continue to report on capital expenditures and operating cash flow as part of the regular financial update.
