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Finance committee splits CD maturities, adopts tax levy and approves phone‑system upgrade
Summary
The finance committee voted to reinvest nearly $2 million of maturing certificates of deposit across two banks, approved Tax Levy Ordinance No. 1554 and authorized an IP‑voice phone‑system migration after reviewing vendor quotes and ongoing monthly costs.
The city’s finance committee voted to parcel reinvested certificates of deposit and take several finance‑and‑technology actions recorded in committee meetings. Committee members agreed to keep the sewer fund’s $100,000 separate and to allocate the remaining maturing funds so both banks hold meaningful balances: roughly $750,000 for electric and $900,000 for gas at Beav Vista and about $1,000,000 at Dietrich, with the sewer portion placed in a six‑month CD at Dietrich earning 4.65%. The committee approved the plan by voice vote.
Committee discussion cited current 12‑month CD rates near 4.45% and higher short‑term six‑month yields at Dietrich (4.65%) versus the other bank (about 4.55%). Staff recommended staggering maturities and favoring a 12‑month reinvestment for most of the funds to capture current rates while keeping one shorter CD for the sewer reserve. Members said the split balances the banks’ holdings and preserves liquidity for near‑term capital needs.
Separately, the committee accepted Tax Levy Ordinance No. 1554. The ordinance was presented in members’ packets, motioned for acceptance and approved by voice vote.
On technology, staff presented paired vendor quotes to migrate City Hall and the utility plants to an IP‑voice system. The package involves HTC and CTS to provide installation and a separate utility‑plant line; the combined one‑time installation was discussed at approximately $8,959.88 and the net ongoing monthly expense was estimated at roughly $190–$200 per month. Committee members emphasized improved call‑forwarding, voicemail‑to‑email and app access for leaders as operational benefits; members also noted included battery backups that provide roughly two hours of phone service during power outages. The committee voted to approve contracting with both vendors.
Committee members said next steps include finalizing paperwork with the chosen banks, implementing the phone‑system contracts and bringing the tax levy ordinance forward through required council processes. The committee adjourned with no substantive public comment on these items.
