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Finance committee approves grocery sales tax ordinance, reinvests CDs and okays elevator service
Summary
The Red Bud finance committee approved Ordinance No. 1551 (grocery sales tax), voted to reinvest two maturing 12-month CDs at Buav Vista bank, renewed the RMA insurance contract with a prepayment discount, and authorized an annual elevator service plan to limit future repair costs.
The Red Bud finance committee voted to adopt Ordinance No. 1551, which implements the grocery sales tax using the Red Bud entity and a 1% rate, and approved several routine financial items during its meeting.
Committee members also agreed to reinvest two 12-month certificates of deposit maturing Oct. 25 into new 12-month CDs at Buav Vista bank at a quoted 4.665%. Members said they preferred a one-year term to avoid frequent re‑pricing and administrative work.
The committee reviewed the financial dashboard and noted the city is about $16,733.34 ahead year-to-date on revenues. Insurance premiums were discussed: workers’ compensation premiums were down while property insurance rose roughly 15%, which staff attributed mainly to increased liability for the new Splash Pad. The committee voted to renew the RMA insurance contract and to pay upfront to take the offered prepayment discount.
On facilities, staff reported a recent, costly elevator repair (about $33,000) and recommended a vendor service plan that spreads the cost and includes preventative maintenance. The committee approved the annual service contract (advance-payment option of $3,768) to help avoid high single-instance repair bills.
The committee also approved extending the Reflections Windows & Door cleaning contract for an additional initial 20–25 hours (not to exceed 25 hours) at $35 per hour to bring City Hall cleaning up to standard.
All motions described above were moved and seconded and carried by voice vote at the finance committee meeting. The finance committee adjourned and transferred remaining items to full council per the agenda.
