Board approves Finance Commission term change and hears proposal to shift city funds to sweep account

The Shrewsbury Board of Aldermen on June 24 adopted an ordinance changing the length of terms for members of the city’s Finance Commission and reappointed Grace Kincaid to a three-year term.

Alderperson Bette Welch moved the second reading and final passage of Bill No. 4048; Alderman John Odenwald seconded both motions, which passed by unanimous voice vote. Following passage, the Board approved Kincaid’s reappointment on a motion by Welch, seconded by Alderman Jacob Riley.

Finance Director Dustin Ziebold told the board he is reshaping the city’s investment accounts to earn higher returns. Ziebold described adopting a "sweep account" arrangement in which the bank would leave $100,000 on deposit overnight and sweep excess balances into investments until morning, returning funds the following day. He said Shrewsbury currently maintains three investment accounts, is considering eliminating its MBS holdings because they are not producing meaningful returns, and would move funds to Edward Jones and MOSIP.

Ziebold also introduced a monthly finance report that he said will be presented at future work sessions to update aldermen and residents on the city’s financial position and to improve oversight of large capital projects.

No formal vote on the investment-account changes was recorded; aldermen approved the ordinance and the reappointment during the same meeting. The board did not identify a timeline or specific dollar amounts for any transfers out of MBS holdings.

The board is scheduled to meet again on July 8, 2025.