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Fairfield council hires DS Accounting Services, approves $1.6M investment transfers
Summary
Fairfield approved a contract with DS Accounting Services and authorized moving roughly $1.6 million into PTIF and insured sweep accounts after hearing an investment update from Meeder Public Funds. Council also designated authorized PTIF signatories and adopted related resolutions unanimously.
Fairfield’s Town Council voted May 13 to hire DS Accounting Services and to move a large portion of recently received Utah Inland Port Authority repayment funds into the Public Treasurer’s Investment Fund (PTIF) and insured cash-sweep accounts.
Mayor Hollie McKinney introduced Dave Sanderson, owner of DS Accounting Services, who told the Council he has about 35 years of governmental accounting experience, including 19 years as a finance director for West Jordan City. Sanderson said his work includes monthly reconciliation, audit preparation, bond entries, financial reporting and internal-control oversight and that he had already reviewed Fairfield’s financial structure and identified areas for improved reporting and budgeting.
“Maintaining funds in both PTIF and Meeder Investments creates diversification and flexibility,” Sanderson said, explaining why the Town might keep some reserves in the state-run PTIF while using other instruments to seek higher yields.
The Council approved Resolution R2026-06, authorizing an agreement with DS Accounting Services. Councilman Tyler Thomas made the motion and Councilman Richard Cameron seconded; the vote was unanimous (Mayor Hollie McKinney; Councilmen Thomas, RL Panek, Cameron and Michael Weber voted yes).
Before the vote, Andy Robbins of Meeder Public Funds (formerly Mortenson Asset Management) provided an economic briefing and an overview of Fairfield’s Meeder portfolio. Robbins said April inflation came in at 3.8% and noted national rate pressures following the recent confirmation of Federal Reserve Chair Kevin Warsh. He reported that Fairfield has about $1.2–$1.3 million with Meeder, approximately 90% in certificates of deposit and the remainder in high-grade corporate bonds, yielding roughly 4.5% compared with about 3.8% through PTIF. Robbins said the portfolio had approximately $7,000 in unrealized gains, a weighted-average life near 1.5 years, and that holdings could be liquidated within about 48 hours if needed.
The Council then considered Resolution R2026-07 authorizing transfers and investments of Fairfield public funds in PTIF and insured cash-sweep accounts. Mayor McKinney said the Town anticipated transferring roughly $1.6 million in Utah Inland Port Authority repayment funds into PTIF accounts to preserve liquidity while pursuing higher-yield investments elsewhere. DS Accounting Services’ Sanderson and Robbins both discussed the tradeoffs between FDIC-insured instruments and PTIF’s state-backed liquidity.
The Council also approved a Public Entity Resolution designating Treasurer Codi Butterfield and Dave Sanderson as the authorized representatives for Fairfield’s PTIF accounts, and later adopted a separate municipal resolution (R2026-08) approving that designation. All motions passed unanimously.
The council’s actions leave Fairfield with a mix of liquid PTIF holdings and higher-yield, diversified instruments, and bring a new contract accountant into the Town’s financial oversight. Mayor McKinney asked that Meeder provide its presentation materials to the treasurer for distribution to council members.
