Fairfield council hires DS Accounting, moves Inland Port funds to PTIF and amends budget

Fairfield’s Town Council on May 13 approved several financial actions intended to strengthen accounting oversight and improve short- and long-term cash management.

The council unanimously adopted Resolution R2026-06 to contract DS Accounting Services after Mayor Hollie McKinney described recurring problems with delayed financial reports and unresponsive accounting support. Dave Sanderson of DS Accounting Services, introduced at the meeting, said his practice provides monthly reconciliations, audit preparation, bond accounting and internal control reviews; he estimated Fairfield would not require an excessive time commitment and indicated he had already identified areas for reporting improvement.

Council members also heard an economic and portfolio update from Andy Robbins of Meeder Public Funds, who cited the April inflation report at about 3.8% and said higher inflation has pushed expectations toward additional Federal Reserve interest-rate action. Robbins said Fairfield’s portfolio totals roughly $1.2–$1.3 million, with about 90% held in certificates of deposit and the remainder in high-grade corporate bonds, a weighted-average life near 1.5 years, an approximate yield of 4.5% and about $7,000 in unrealized gains; he noted the portfolio could be liquidated within roughly 48 hours if needed.

Following that presentation the council approved Resolution R2026-07 to transfer and invest public funds in the Public Treasurer’s Investment Fund (PTIF) and insured cash sweep accounts. Town staff indicated approximately $1.6 million tied to Utah Inland Port Authority repayment funds would be moved into PTIF accounts to maximize liquidity while longer-term funds remain invested for yield. Sanderson explained PTIF’s liquidity and state backing and recommended maintaining diversification between PTIF and Meeder-managed investments because PTIF is not FDIC-insured while certain bank sweep arrangements provide FDIC insurance limits through diversification.

The council also passed a Public Entity Resolution designating Treasurer Codi Butterfield and Dave Sanderson as authorized representatives for PTIF account actions and approved Resolution R2026-08 formalizing that authorization.

Treasurer Codi Butterfield presented amendments to the FY2025–26 budget that reflected additional funding needs for the North Waterline project and water/sewer master plan (partially offset by grants), higher-than-expected property tax receipts, an anticipated roughly $100,000 increase in landfill revenues, and approximately $400,000 in grant funding for park improvements. With no public comment, the council unanimously approved Resolution R2026-09 amending the current fiscal-year budget.

The council then reviewed priorities in the tentative FY2026–27 budget — including capital project funding, possible future well drilling in the Light Industrial West area (about $600,000 of Inland Port repayment funds were noted as earmarked for well development), costs for a contract town planner and additional accounting services, road maintenance commitments, and park grant opportunities — and unanimously adopted Resolution R2026-10 to place the tentative budget on record pending further public hearings required for final adoption.

Votes at a glance: R2026-06 (contract with DS Accounting Services) — approved unanimously; R2026-07 (transfer to PTIF/insured sweep) — approved unanimously; R2026-08 (authorize PTIF account signatories) — approved unanimously; R2026-09 (amend FY2025–26 budget) — approved unanimously; R2026-10 (adopt tentative FY2026–27 budget) — approved unanimously.

The council scheduled a June 24 meeting to complete required budget adoption proceedings before the June 30 deadline. The council closed the meeting with a unanimous vote into a closed session to discuss litigation strategy before reconvening and adjourning at 9:51 p.m.