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Council approves year‑end financial items including $400,000 MFT resolution and CD reinvestments
Summary
In a special session the council approved two 12‑month CD reinvestments at 4.45% (2× $500,000), accepted an insurance payout recommendation related to a vehicle accident, and passed the annual $400,000 MFT resolution; a splash‑pad winterization contract was also authorized.
At a special city council session, members approved a series of year‑end financial and maintenance items.
The council voted to reinvest two maturing certificates of deposit as proposed — two 12‑month CDs at Buena Vista Bank for $500,000 each at 4.45% — to preserve yield on city cash. Council also approved the recommendation from its insurer to accept the policy limit payout of $25,000 for a vehicle accident at Rad's Park (total bill just under $40,000), after staff and the city insurance carrier reviewed legal and recovery prospects.
Council approved the annual Motor Fuel Tax (MFT) resolution 24‑003 in the amount of $400,000 to cover maintenance items, materials and concrete/culvert needs, and authorized a plumbing proposal to improve splash‑pad winterization (not to exceed the authorized amount discussed in committee). All motions carried by roll call as recorded in the special meeting.
The approved votes finalize several budgeted year‑end items and allow staff to proceed with contract execution and ordinance drafting where applicable.
