Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Finance committee recommends transfers to STARS Ohio; council approves $250,000 move
Summary
The Finance Committee recommended moving funds from Sherwood State Bank into STARS Ohio and an automatic $50,000 transfer rule when balances rise; the council approved a motion to transfer $250,000 and will consider an ordinance to reimburse employees up to $500 in sales tax for village purchases.
The Sherwood Village Finance Committee told the council on Nov. 19 that it recommends moving a portion of village deposits into STARS Ohio and adopting a mechanism to transfer additional funds as balances rise.
Committee members reviewed the 2025 amended certificate and estimated revenues, and recommended transferring funds into STARS Ohio; committee discussion is recorded as recommending a $200,000 transfer, while a subsequent council motion moved to transfer $250,000 from Sherwood State Bank to STARS Ohio and to set up $50,000 increments to transfer when balances exceed a maintained $250,000 base.
The council moved and recorded the motion to effect the $250,000 transfer; minutes show yes votes recorded for several council members. The finance discussion also addressed sales tax on purchases made by employees using personal credit cards: staff said the State of Ohio will not reimburse sales tax for non–tax-exempt purchasers, and the committee recommended the council consider an ordinance authorizing up to $500 in reimbursements for such purchases.
The council will consider the sales-tax reimbursement policy as a separate ordinance; utility committee members (Robert Valle, Mike Sudholtz and Scott Rohrs) were asked to meet after the council session to continue committee business. Administrators did not provide target dates for implementing the reimbursement program during the Nov. 19 meeting.
