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Fountain City finance panel favors IntraFi Network for short-term investments; 2024 audit not available
Summary
At its April 30 meeting, Fountain City's Finance Committee reviewed year-to-date budget reports, noted the 2024 audit was not available for review, and discussed an investment strategy favoring the IntraFi Network; motions to approve prior minutes and to adjourn carried.
Fountain City's Finance Committee met April 30 in Council Chambers and reviewed budget reports and investment options, with members saying the IntraFi Network appears to be the best option for short-term placements.
Chair Barb Schmidtknecht called the meeting to order at 4:02 p.m. and confirmed committee members Chris Williamson, Stephen Qualy, Ben Adank and Marcia Drysdale were present. Committee member Chris Williamson moved to approve the minutes of the Oct. 22, 2024 Finance Committee meeting; Barb Schmidtknecht seconded the motion and the committee voted to approve the minutes.
Committee members reviewed year-to-date budget reports; the transcript records discussion but does not provide specific line-item figures or attachments. Chair Schmidtknecht also reported that the 2024 audit was not available for review during the meeting and no date for its availability was given.
Committee discussion turned to investment strategy for city funds. Members discussed options and noted that the IntraFi Network "seems to be the best option at this point" for investing short-term funds, though the transcript does not show a formal motion to authorize a contract or a vote to implement that strategy.
Chris Williamson moved to adjourn the meeting; Stephen Qualy seconded, the motion carried, and the meeting adjourned at 5:25 p.m.
