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Council approves surplus of old equipment and shifts funds to higher-interest accounts
Summary
Council authorized surplusing two aging steam washers and replacing handheld meter readers with tablet-based readers, and approved moving $1.5M (general/ARP) and $1,775,000 (utility) into higher-yield accounts and short-term CDs to increase interest earnings.
Algood City Council voted to surplus two steam washers (both over 20 years old) for trade toward replacement equipment and to replace aging handheld meter readers with tablet-based systems. Staff said they found a replacement option priced around $6,000 and that operational funds would be split across water, sewer and public works.
Separately, staff proposed moving $1.5 million from general checking and ARP accounts and $1,775,000 from the Utility Fund checking into higher-yield accounts at First Freedom Bank to earn about 4.9% interest. The council also approved moving $150,000 from the cemetery fund and $300,000 from State Street Aid into nine-month CDs at First National Bank earning about 4.25%.
Council approved both the surplus/trade and the transfers during the meeting; staff said the moves were housekeeping to increase interest earnings and noted an estimated monthly interest gain on the general fund in the neighborhood of $18,000–$20,000 from the transfers.
