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Finance committee recommends CD investment and 2025 budget amendments
Summary
The Fountain City Finance Committee on Dec. 8 recommended investing a $97,261.79 Principal Financial distribution in a certificate of deposit—allocating $27,693.10 to the cemetery fund and $69,568.69 to the general fund—and recommended several 2025 budget amendments; action on law enforcement funding was postponed.
The Fountain City Finance Committee recommended the council invest a $97,261.79 distribution from Principal Financial in a certificate of deposit and split the proceeds between the cemetery and general funds.
Committee member Chris Williamson moved to recommend the CD investment with $27,693.10 allocated to the cemetery fund and $69,568.69 to the general fund; Committee member Stephen Qualy seconded the motion, which carried. The recommendation will be forwarded to the full City Council for final approval.
The committee also voted to recommend amending the 2025 budget as presented. Committee member Stephen Qualy moved the budget amendment recommendation and Williamson seconded; that motion carried. The transcript lists expense amendments for an auditorium rehabilitation project, a tractor purchase and an increase in street-construction spending. Revenue-side adjustments cited an approved loan and proceeds from an FFP grant.
Action on law enforcement services funding was deferred. The committee noted the item was postponed; the transcript does not specify a new date for reconsideration or further conditions for bringing the item back to the committee.
The meeting opened at 3:00 p.m. and was called to order by Chair Barb Schmidtknecht. The roll call recorded Committee members Chris Williamson and Stephen Qualy present; Mayor Ben Adank and attendees Marcia Larson and Michele Klein were also noted. The Oct. 15, 2025 Finance Committee minutes were approved by a motion from Williamson, seconded by Qualy. The committee adjourned at 4:43 p.m.
