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Poseyville council signs off on routine finance items and authorizes Trust Indiana investment
Summary
The Poseyville Town Council approved June minutes, claims and payroll dockets, accepted May bank reconciliation, and voted to begin partial investments through Trust Indiana. Clerk-Treasurer Jodie Rankin reported SBOA audit follow-up and other vendor/service changes.
At its July 9 meeting, the Poseyville Town Council approved routine administrative and financial items and authorized investing partial municipal funds in Trust Indiana, the State Treasurer’s program.
Clerk-Treasurer Jodie Rankin told the council that the State Board of Accounts requires both a payroll allowance docket and a claims docket; the council approved the payroll and claims dockets and the minutes of the June 11 meeting after motions by Council Member Michael Baehl (second by Council President Justin Rutledge). The May 2024 bank reconciliation was approved after Rankin said SBOA requested that the town balance May with prior adjustments and that future adjustments be allocated back within the current-year disbursement and receipt process to funds.
Rankin asked permission to invest partial funds in Trust Indiana; Rutledge described how the transfers and liquidity work through the State Treasurer’s program and the council approved investing partial account funds. Rankin said the town will continue primary banking at German American Bank and that any earnings and investment details will appear in monthly reports.
Rankin also reported operational savings and internal-control changes: changing the Cintas mat pickup schedule (projected savings $173.30 per month), discontinuing the Crane cash-clearing account at SBOA recommendation and moving periodic deposits to German American Bank, auditing safe access, and submitting documentation to the SBOA to close a 2021 corrective-action plan.
Why it matters: the Trust Indiana decision is intended to increase interest earnings while retaining liquidity, and the other changes respond to state audit guidance and aim to streamline bookkeeping and reduce vendor costs.
The council set its next meeting for Aug. 13, 2024.
