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Council authorizes moving excess cash to PTIF and creating loan reserve accounts

Orderville Town Council · March 11, 2026

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Summary

Following an auditor note that checking balances exceeded FDIC limits, council authorized staff to reduce insured checking balances and set up PTIF accounts for loan reserves and operational cash management.

Auditors noted that some of the town’s deposits in its checking accounts exceeded FDIC insurance limits. Council discussed options and staff recommended moving excess balances into Public Treasurer’s Investment Fund (PTIF) accounts and creating a labeled loan reserve PTIF to hold amounts required by loan covenants.

Brianna and Chantry walked through the amounts needed in reserve for several loans (Old Rock Church loan ~$5,905; firehouse loan ~$9,000; a water loan ~$60,984; plus a recurring obligation of about $106,680). Council member (speaker 7) moved that staff be authorized to reduce cash balances to FDIC limits (suggested $250,000) and to establish the PTIF loan reserve accounts as needed; the motion passed with unanimous support.

Council asked staff to report back with account setups and any recommended policy language governing thresholds and transfers.