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Finance committee recommends four-year depository agreement with First National Bank
Summary
Finance Director Jenny Esarey said Ordinance 25-90 is a routine designated depository agreement flagged during an audit as a four-year term; the committee voted 3-0 to recommend it to full Council.
Finance Director Jenny Esarey presented Ordinance 25-90, a designated depository agreement the city uses with First National Bank and which the Law Department has reviewed.
Esarey said the agreement is normally five years but that an audit revealed the current agreement is for four years; she recommended bringing the agreement to Council to remain in compliance. Councilmember Joanne Krejci asked whether First National Bank is already used; Esarey confirmed that the city has funds and an investment account there.
The Finance Committee moved to recommend Ordinance 25-90 to Council. Motion: moved by Paul Marnecheck, seconded by Linda Barath. Committee vote: Yeas: 3. Nays: 0. The committee’s recommendation will be considered by full Council at a later meeting.
