Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the City Finance topic
No spam. Unsubscribe anytime.
Bellechester council approves interim loan payoff and considers transfer to savings
Summary
Council approved paying off an interim sewer loan and discussed transferring $45,000 to savings and placing $100,000 in a CD; the clerk reported a general fund balance of $284,355.86 and a sewer fund balance of $118,139.67 after reimbursements.
Clerk Lisa Redepenning recommended on April 17 transferring $45,000 from the general fund to savings now that a street loan payment is not due; she said the city’s general fund balance is $284,355.86 and suggested placing $100,000 in a certificate of deposit while keeping roughly $200,000 in the general fund.
The council also approved paying off the interim sewer loan at Fransden Bank on a motion by Nick Keller, seconded by Rich Majerus; the minutes record the motion carried but do not list the payoff amount or a roll-call tally. Redepenning said the sewer fund has been reimbursed by Rural Development for lining-project expenses and currently holds $118,139.67; she noted $921.72 in interest was earned on the interim savings account since June 2023.
Council discussion included how to manage savings and whether to pursue a CD; a formal plan or action on a CD was not decided at the meeting. The Goodhue County GIS Users Group agreement was tabled until the project is finalized and a full council is present.
