Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Resolutions topic
No spam. Unsubscribe anytime.
Lookout Mountain board keeps fidelity coverage at $15,000, designates depositories and approves August financials
Summary
The board unanimously continued fidelity insurance coverage at $15,000, designated qualified Tennessee banks as depositories for town funds, and accepted the financial report through August 2024; the fidelity-bond amount will be revisited at the October meeting after auditor review.
The Lookout Mountain Board of Commissioners on Sept. 10 unanimously approved several routine financial measures: continuing fidelity insurance coverage for officials and employees at the current policy limit of $15,000, designating all Tennessee banks and trust companies qualified by law as depositories for Town funds, and accepting the town financial report through August 2024.
Commissioner William Valadez moved the resolution to continue fidelity coverage at $15,000; Commissioner James E. Bentley Jr. seconded the motion, and the Board approved it unanimously. The minutes state the Board will revisit the amount at the October meeting pending review and advice from the Town Auditor. By motion of Commissioner Bentley, seconded by Commissioner Valadez and unanimously approved, the Board determined that qualified Tennessee banks and trust companies are appropriate depositories for Town funds. Brooke Pippenger presented the financial report through August; Commissioner Valadez moved and Commissioner Bentley seconded acceptance of the report.
The minutes record these as unanimous votes; no vote tallies beyond unanimous approval are included.
