Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
Dade City accepts investment report, directs staff to prepare resolution on policy
Summary
The commission accepted an annual investment summary showing about $48 million in cash equivalents at First National Bank of Pasco, discussed diversifying the policy, and asked staff to return with a formal resolution to codify changes and timing; vote was unanimous 5–0.
The Dade City Commission accepted an annual investment summary on April 28 and directed staff to return with a resolution to formalize any policy changes.
Finance staff and consultant Altman presented the report required by state law, noting the city's pooled cash and cash equivalents of roughly $48,000,000 as of March 31, 2026. Staff said most funds are deposited at First National Bank of Pasco in FDIC-covered arrangements (IntraFi/CDARS-style), and the current interest on invested cash reported in the packet ranged from about 3.5% to 3.85%.
"Our foremost objective is preservation of capital," the presenter said, summarizing the policy. Staff recommended accepting the summary tonight and bringing a resolution to a future meeting that would set the investment policy specifics and, if desired, solicit proposals for an investment adviser.
Representatives from First National Bank of Pasco — President Paula O'Neil and CFO Manny Long — described the bank's community ties, the deposit program that expands FDIC insurance through a network, and competitive rates. Commissioners asked about reporting cadence and agreed to replace the policy term "periodic" with "annual" to align with Florida statute.
The commission voted to accept the summary and approved returning a resolution on investment policy and any direction for longer-term investments (roll call 5–0). Staff noted capital projects (including an upcoming sewer plant) will affect long-term balances and that some funds are restricted for impact fees or capital projects.
Next steps: staff will prepare a resolution to codify the reporting cadence and any policy changes and will present it for formal adoption at a future meeting.
