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Finance committee approves $350,000 deposit to Illinois Funds and accepts FY24 audit
Summary
Red Bud's finance committee voted to invest $350,000 identified in city accounts into Illinois Funds for liquidity and higher yield; the committee also accepted the FY24 audit, which reported an unmodified opinion and an adjusted sales-and-use tax comparison.
Finance staff presented options for short-term investment and recommended placing $350,000 into Illinois Funds, citing daily compounding and liquidity advantages. Committee members raised concerns about collateralization and local banking relationships; staff and the auditor explained that Illinois Funds are collateralized and not FDIC-insured above $250,000. The motion to invest the identified $350,000 in Illinois Funds passed unanimously.
Separately, the committee reviewed the FY24 audit. Staff said the auditors issued an unmodified (highest) opinion and corrected a comparative line-item presentation that had overstated sales-and-use tax declines. The committee moved to accept the audit report from Fickeegar and Williamson and approved it unanimously.
Council members said they will revisit CD renewals and continue work on a utility rate study and capital planning that affect long-term funding decisions.
