Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Council hires new municipal accountant, approves state investment enrollment and insured sweep accounts
Summary
Fairfield council approved a contract with DS Accounting Services and passed resolutions to authorize transfers into insured cash sweep accounts and to enroll in the state PTIF. Councilors discussed risks and the difference between FDIC insurance and state backing before voting.
The Fairfield Town Council voted to hire DS Accounting Services and to authorize two investment-related resolutions that change where the town may hold public funds.
Contract approval: Dave Sanderson, who described 35 years in governmental accounting, had been recommended to act as a third-party financial control for the town. The council moved to approve Resolution R2026-06, "a resolution authorizing the execution of agreement with DS Accounting Services," and the motion passed on a roll-call vote.
Investment resolutions: Council then considered a separate resolution authorizing transfers and investments that will let staff move excess cash into insured cash sweep accounts and the state Public Treasurers Investment Fund (PTIF). Council members asked whether PTIF deposits are FDIC insured; staff and the accounting presenter explained that PTIF is state-backed rather than FDIC insured and that balances above $250,000 in a bank will not be covered by FDIC. Finance staff recommended limiting on‑hand bank balances and moving idle cash into PTIF or ICS accounts for safety and yield.
Votes and outcome: The council voted to approve the resolutions authorizing CTIF/PTIF/ICS participation. The motions were seconded and passed unanimously by verbal roll call.
What happens next: Staff will submit the public-entity resolution and complete the necessary enrollment and notary steps; the mayor noted that the state requires a signed and notarized public-entity resolution naming authorized users.
