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Board approves November and December financial reports; asks banks for 6- and 12-month committed CD rates
Summary
The board approved two months of financial reports and voted to ask banks to commit to 6- and 12-month rates for an approximately $1.2 million maturing CD so the utility can compare consistent offers; motion to request commitments carried.
The Water and Sewer Board approved the November and December 2025 financial reports and moved to seek firm rate commitments from local banks for a near-term Certificate of Deposit maturity.
The chair introduced two sets of financial reports — noting December’s packet covered both months because the board had not met in December — and the board voted to approve the reports as presented. Later in the meeting staff presented bank rate information for an approaching CD maturity of roughly $1,200,000.
The chair read bank quotes to the group: "we have 3.9 at 7 months, 3.8 at 12 months, and 3.7 for 24 months with Macon Bank and Trust," and he reported a First National Bank offer described in the packet as "4 for 9 for 9 months." Board members raised concerns that the banks' quoted timelines did not use consistent maturities, producing an "apples-and-oranges" comparison.
A board member moved that staff request committed 6- and 12-month rates from the banks for the roughly $1.2 million CD so the board can compare consistent offers. The motion received a first and second, and the board voted; the chair announced, "Motion carries."
No specific bank was selected at the meeting; staff were directed to request the committed rates and return updated numbers at the next meeting. The board also thanked finance staff for assembling the quotes and for more consistent timelines in future comparisons.
