Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Fairfield council hires DS Accounting, authorizes move to state PTIF amid investment briefing
Summary
The Fairfield Town Council approved a contract with DS Accounting Services for third-party accounting and voted to move surplus funds into the state PTIF and insured sweep accounts after an investment update showing a conservative, CD-heavy municipal portfolio and a 3.8% April CPI reading.
The Fairfield Town Council voted to hire DS Accounting Services and approved transfers of municipal funds into a state-managed pool after a presentation from the town—s investment advisor.
Dave Sanderson, who introduced himself as representing DS Accounting Services, told the council his firm would act as the town—s third-party accounting and internal-controls provider and that the arrangement could be managed on a part-time monthly basis. "I run my own business, DS Accounting Services, for the last, well, 35 years," Sanderson said during his remarks, describing experience with municipal finance and internal controls.
Councilors moved and seconded resolution R2026-06 to authorize an agreement with DS Accounting Services; a roll-call vote was recorded and the motion passed.
Earlier in the meeting, Andy Robbins of Fairfield—s investment manager (who identified himself as Andy Robbins) briefed the council on macroeconomic forces and the town portfolio. Robbins said April—s inflation (CPI) came in at 3.8%, "bigger than expected," and warned that the number makes further Federal Reserve rate increases more likely. He said the town—s roughly $1.2—$1.3 million portfolio is roughly 90% in CDs, yielding approximately 4.5%, with about $7,000 of unrealized gains and high liquidity.
After discussing the risk/return tradeoffs of the state PTIF (the council was told PTIF balances are not FDIC insured and are backed by the state), councilors approved resolution R2026-07 authorizing transfers to PTIF and an insured cash sweep account and directed staff to keep daily checking balances near the FDIC-insured threshold. Council members discussed maintaining a mix of the PTIF and the town—s existing manager to balance liquidity and yield.
The council asked staff to obtain the presentation slides and portfolio snapshot from Robbins; he agreed to email materials for the record. The motions to hire DS Accounting and to invest with PTIF were recorded as adopted. The council also passed a separate public-entity authorization resolution to name authorized users for the new state account arrangements.
The council did not set an effective date for the DS Accounting agreement during the meeting; staff said the documents require notarization before final execution.
