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Estill County receives two bids for financial services; board to decide at regular meeting
Summary
At the May 14 work session the board was briefed on two bids for district financial services: a floating Cit izens proposal tied to the Federal Reserve (presented as ~1.5% in current conditions) and a two‑year fixed proposal from PB&T near 4.05% (4.1% for direct deposit). The board did not select a bid at the session.
During the May 14 work session staff told the board the district solicited bids for financial services as required by board policy and received two proposals.
Staff (S2) summarized the offers: a Citizens proposal described as a floating rate tied to the Federal Reserve (presented in the session as effectively about 1.5% under current conditions) and a PB&T proposal offering a fixed 4.05% rate for two years (noting some accounts would earn an additional 0.05% for direct deposit, effectively 4.10% on some balances). “So that’s something we’ll talk about and vote on at our regular call board meeting,” staff said.
Why it matters: the difference in effective rates affects how much interest the district would earn on large cash balances and could change projected interest revenue for the general fund. Staff gave the board sample comparisons showing how different interest scenarios would change annual interest income on hypothetical balances.
What’s next: board members were given the information for review; the formal selection and vote will take place at a subsequent regular board meeting. No procurement award was recorded in the work‑session transcript.
Attribution: summary based on staff remarks in the recorded work session; exact contract terms, account minimums and fees were not included in the session and will be reviewed in the regular meeting packet.
