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Clifton treasurer reports stable reserves, recommends CD strategy; council records legal-services payment
Summary
Treasurer Nick Orrison emailed December 2021 financial statements showing net income year to date and maturing CDs; he recommended moving maturing CDs into a money-market account while monitoring rates and asked the council to approve a $3,125 legal-services payment.
The Town Treasurer reported December 2021 financials and recommended a short-term cash strategy as several certificates of deposit (CDs) approached maturity.
In an email provided to the council, Treasurer Nick Orrison wrote that two CDs maturing Dec. 17, 2021 totaling roughly $218,430 were split with $109,242.86 placed into checking for Ayre Square and Chestnut Street purchases and the remainder transferred into a money market account. Orrison advised allowing maturing CDs to flow into the money market while watching interest rates and said there was currently little opportunity cost given low market rates.
The financial statements included a year-to-date net income of $51,613 and details on federal and state COVID-related funds, including reported receipts of State and Local Fiscal Recovery funds and guidance that those funds are less restricted than CARES dollars. The Treasurer asked the council to approve one check for legal services (Maureen Gilmore) for $3,125; that payment was placed on the agenda for approval.
Why it matters: the town is managing several maturing CDs and capital purchases (Ayre Square and Chestnut Street acquisitions); the Treasurer’s short-term cash recommendation affects how the town preserves funds while awaiting potentially higher rates.
What’s next: Council will vote on checks and review the detailed financial attachments; staff will follow the Treasurer’s recommendation about short-term liquidity as interest rates evolve.
