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Village of Wolverine council approves rollover of two CDs, tables clerk's financial report
Summary
At its Dec. 9 meeting the Village of Wolverine council approved rolling two maturing certificates of deposit into six-month renewals, authorized payment of presented bills, and revoked adoption of the clerk's financial report for further review at the January meeting.
The Village of Wolverine council on Dec. 9 approved rolling over two maturing Horizon certificates of deposit and authorized payment of bills, while deferring final adoption of the clerk's financial report for further review.
Treasurer Laurie Holden told the council two Horizon CDs were maturing this month: a Major Street CD for $20,000 and a General Fund CD for $40,000. Holden said the existing rate was 4.8 percent and that the best six-month rollover rate available was 4.9 percent. On a motion by Tal Babcock, supported by Tansy Sloan, the council voted verbally and unanimously to approve rolling both CDs into six-month renewals.
Earlier in the meeting, the council considered adoption of the clerk's financial report. Tal Babcock moved to adopt the clerk's report and Tansy Sloan supported the motion; the motion initially carried by verbal vote. After additional discussion, Babcock revoked his motion, and the council agreed the clerk's financial report will be further reviewed and returned for consideration at the January council meeting.
The council also approved payment of bills as presented on a motion by Rick Johnston, supported by Carla DeVoll, by unanimous verbal vote. The meeting record shows the council adopted the meeting agenda and approved the Nov. 11, 2024 minutes earlier in the session.
Votes at a glance - Adopt agenda: Mover Rick Johnston; second Tal Babcock; unanimous verbal approval. - Approve Nov. 11, 2024 minutes: Mover Tal Babcock; second Tansy Sloan; unanimous approval. - Adopt November Treasurer's report: Mover Rick Johnston; second Tal Babcock; unanimous approval. - Approve rollover of two Horizon CDs (Major Street $20,000; General Fund $40,000) into six-month renewals at the best available rate (~4.9%): Mover Tal Babcock; second Tansy Sloan; unanimous approval. - Clerk's financial report: Mover Tal Babcock; second Tansy Sloan; motion initially carried then revoked by the mover; council will review and revisit in January. - Payment of bills as presented: Mover Rick Johnston; second Carla DeVoll; unanimous approval. - Adjourn: Mover Tal Babcock; second Carla DeVoll; meeting adjourned at 8:25 p.m.
The council did not take final action on the clerk's financial report; the item will be brought back at the January meeting for additional review.
