Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance Services topic
No spam. Unsubscribe anytime.
Town manager reports RFPs, lower‑cost VML proposal and possible use of Virginia Investment Pool
Summary
Town manager reported issuing RFPs for accounting/audit services, said a VML‑related response was about $7,200 lower, and outlined Virginia Investment Pool (VIP) options for short‑term liquidity and longer‑term bond‑fund investments for town funds.
In his report, the town manager told councilors he had issued RFPs for pre‑audit accounting and auditing services after the previous vendor's costs increased. He said the lowest response was from a VML‑linked provider and that the quoted price was "significantly lower — about $7,200 lower," potentially saving the town money if the council moves quickly to accept the proposal.
The manager also described services offered through VML, including introductions to grant opportunities (noting grants available up to $7,500) and the Virginia Investment Pool (VIP), which provides a stable liquidity option for funds needing immediate access and a 1‑to‑3 year high‑quality bond fund for money held longer term (examples cited: cemetery fund investments). The manager said he would compare VIP returns with CD offers from banks before recommending a path.
Council had no formal action on the RFPs during the meeting beyond the informational presentation; staff advised that acting sooner could preserve grant amounts and pricing in the VML offer.
