Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Luther council moves village funds into CDs and approves monthly bills
Summary
The Village of Luther approved payment of presented bills, accepted the July financial report and authorized moving $300,000 into bank certificates of deposit across three funds to earn higher interest, and approved duplicating a winter stipend as a summer stipend.
The Village of Luther on Aug. 13 approved its presented bills, accepted the July 2024 financial report and authorized a transfer of village funds into bank certificates of deposit.
Clerk presented the financial report showing a General Fund balance of $284,460.21, Major Street Fund $152,267.76 and Local Street Fund $168,704.18. Michelle Goodman moved to accept the report and the council voted in favor.
Following discussion about earning higher interest, the council approved a motion to move $150,000 from the General Fund, $100,000 from the Major Street Fund and $50,000 from the Local Street Fund into bank CDs; the motion was seconded and the roll call recorded the motion as carried. The motion included the condition that funds moved to CDs would incur an interest penalty if withdrawn early.
The council also approved a list of bills presented for payment (including Consumers Energy accounts, Republic Services, QuickBooks and others) by roll call. A separate motion duplicated the winter stipend (40 hours for full-time employees and 20 hours for part-time) as a summer stipend to be paid June 1.
What to watch: the council did not report the specific CD terms or maturity dates at the meeting; those details will affect liquidity and potential penalties for early withdrawal and were not specified in the minutes.
