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Trustees approve marine repayment, library disbursements and short-term CD investments; website donation changes planned
Summary
At their March 18 meeting trustees approved a $27,550 repayment to the city’s marine maintenance loan, authorized library trust disbursements, agreed to move selected checking balances into six-month CDs, and directed staff to work with the city manager on a streamlined donation webpage.
The Board of Trustees of Trust Funds on March 18 approved several routine financial actions and asked staff to return with follow-up work on the city donation webpage.
Trustees approved a $27,550 repayment from the marine maintenance trust to the city. Judy (first name used in the record) explained the payment is smaller than in past years because a rainy start to the season reduced marina revenues. “This year I'm proposing a payback of $27,550 a little bit lower than in the past,” Judy said, describing lower transient and seasonal revenues after bad weather.
Trustees also approved library trust disbursements, including reissued checks that had been voided because of a canceled meeting. Staff confirmed the checks are for scholarships and will be signed after the meeting vote.
On investments, trustees reviewed TD’s monthly dashboard and consolidated holdings, which staff presented at roughly $32,000,000 as of Feb. 28. The chair proposed moving several non-urgent trust/checking balances into short-term, six-month certificates of deposit to earn modest returns without exposing taxpayer-exempt funds to market risk. The chair put the proposal precisely on the record: the trustee recapped that the $10,001.14 in the Pierce Island account, $68,004.75 in the Hanover parking garage account, $35,006.07 in the middle school account and all but $5,000 of the annual CIP contributions would be used to purchase CDs; trustees voted to invest those sums in 6-month CDs with the bank listed in the packet as “New Report,” leaving small operating balances in place.
Staff noted FDIC/DIF insurance and account-size limits when selecting institutions for short-term CDs; trustees asked staff to break down the checking account balances and recommend specific moves at the next meeting. Trustees also authorized TD paperwork for account signatories so trustees can be added as authorized signers on investment accounts.
On outreach and giving, staff reported the city manager (Monty) has asked for a streamlined donation page that would let donors pick specific trust funds (for example cemetery funds or community scholarships) and give online directly to those funds. Staff will compile a list of trusts (public vs. private) and return next month with a proposal for how to present funds and which options are appropriate for online giving. The chair emphasized any taxpayer-expendable (public) funds would be handled separately and not commingled with private donations.
The meeting closed after routine administrative follow-ups and a unanimous voice vote to adjourn.
