Finance committee agrees to move city funds into IntraFi while retaining $50,000 reserve

The Fountain City Finance & Administration Committee agreed April 29 to transfer funds from the Waumandee State Bank money market account into an IntraFi program to optimize interest earnings, while retaining $50,000 in the money market account as a cash reserve.

Committee chair Barb Schmidtknecht reported the committee’s decision during a regular meeting in Council Chambers. Committee members discussed the cash-management move as part of routine portfolio stewardship; no formal vote tally was recorded in the minutes beyond the notation that members “agreed” to the shift.

The action is intended to increase interest income by placing eligible deposits in IntraFi’s multi-institution network, according to the committee summary. The minutes do not specify the total dollar amount to be transferred beyond the retained $50,000 balance.

The committee also noted the city audit has not been finalized; officials said a clearer picture of 2026 budget savings will inform later discussions about other service contracts and spending priorities.

The committee’s note on the transfer does not name an implementing department or timeline for the transfer. The committee did not record a formal motion or vote in the minutes for this item; the minutes state only that members “agreed” to the action.

The Finance & Administration Committee adjourned at 5:09 p.m.