Isanti council approves one‑year banking contract with Falcon, new finance director begins

The Isanti City Council approved a one‑year contract with Falcon for banking and depository services, allowing the newly hired finance director, Nick Soulberg, time to evaluate long‑term investment options.

Soulberg, in his first meeting, told council an initial transition would likely take about 50 staff hours and that the city maintains roughly $9 million on deposit on average during the year. He said switching banks could incur modest implementation costs but also potentially increase interest earnings depending on investment choices. Staff presented comparative interest‑yield estimates and flagged switching costs; one council member noted that a half‑percentage point yield difference on multi‑million dollar balances could materially increase annual interest income, while transition costs would be a small fraction of that gain.

Council members favored a one‑year contract to minimize disruption while preserving the ability to negotiate after the new finance director gains familiarity. Council member Lundine moved, Council member Heman seconded, and the motion carried 5-0.

Staff will work with the finance director on operational implementation and report back on longer‑term investment strategies and the feasibility of shorter‑term maturities for part of the portfolio.