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Board rolls over $25,000 sewer CD, asks staff to fix interest posting
Summary
The board agreed to roll over a $25,000 sewer certificate of deposit for five months and instructed staff to ensure interest posts correctly to the sewer accumulating fund after the current account misposted interest.
The board discussed a sewer certificate of deposit maturing Sept. 24 and moved to roll it over for another five months while correcting how accrued interest is posted to the sewer accumulating fund.
Members noted the CD had accrued about $233.73 in five months at a 3.75% rate and that the accrued interest had not been automatically placed into the sewer accumulating fund as required by state account rules. The clerk and a bank representative have been unable to reach a named staffer (Cindy) to resolve the posting issue and the board asked staff to follow up with the bank to correct the posting going forward.
A motion to roll the $25,000 sewer CD into a new five-month CD was made and seconded and the board approved the rollover. Members asked staff to confirm the renewed rate and ensure accumulated interest is properly allocated to the sewer accumulating fund in compliance with state requirements.
