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EDA approves minutes, designates city staff as secretary and discusses CD laddering
Summary
The EDA approved March minutes, voted to designate city staff as the EDA secretary for 2026, and discussed laddering CDs so maturities spread across the year to improve liquidity and yield.
At the start of the meeting the EDA moved to approve the March 25, 2026 minutes (motion made, seconded and approved by voice vote).
Members reviewed the monthly financials and fund balances: Fund 201 $135,276; Fund 202 $71,594; RLF (Fund 203) $386,439; total $593,310. Staff noted a descriptive error on one CD (a France CD was mis-labeled as a Stern CD) and said Nicole would update the ledger.
On officer duties and bylaws, members agreed the secretary and treasurer need not be board members and confirmed city staff historically perform secretary duties for EDA boards. The board voted to designate city staff as the EDA secretary for 2026 (city staff will take minutes and manage records).
Members also reviewed an upcoming CD maturity (Sterns CD maturing June 5 for $100,000) and discussed a laddering strategy so one CD matures roughly every three months to balance liquidity and return. Staff will obtain updated rate quotes and present options at the May meeting.
