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Board approves depository agreement after staff corrects date typos
Summary
Needles staff corrected typographical year errors in the draft depository agreement; finance staff explained the reimbursement process and the board approved the corrected depository statement by roll call.
The Board of Public Utilities approved the revised depository agreement after staff identified and corrected typographical errors in the draft years.
Finance director Mark Demayer (Speaker 7), introduced to the board by staff, acknowledged a year error in the document and apologized: “Sorry about that. That is a typo. I apologize about that. Yeah, it should not be for those years. It should be for 2026.” The board accepted the correction.
Staff explained the practical effect: the city pays expenditures through its general account and the utility reimburses the city monthly for those costs. The City manager (Speaker 6) described the depository statement as the mechanism that aligns monthly disbursements with the budget and allows the city to be reimbursed for utility expenditures.
Board members asked clarifying questions about forecasting and year-end true-ups; staff said estimates are generally accurate and adjustments are made at fiscal year end. Following discussion, the board voted by roll call to approve the depository agreement.
