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Treasurer moves $1M ARP funds to money market; council splits maturing $2.5M CD
Summary
At a Board of Finance meeting Treasurer Nancy Coats and First Savings reps moved $1,000,000 in ARP funds into a money-market account and agreed to split a maturing $2.5 million CD into two CDs ($1.25M for 12 months, $1.25M for 24 months). The board gave the treasurer authority to execute transfers.
The Board of Finance, chaired by Treasurer Nancy Coats, met with First Savings representatives Daniel Shephard, Katrina Humphrey and Dana Juliot to decide how to handle upcoming maturities. The minutes state the board directed moving $1,000,000 in ARP funds into a money market for an interim three-month period until the funds must be spent by the end of December 2024.
The board also discussed a separate $2.5 million CD maturing at the end of September and agreed to split that amount into two certificates: $1.25 million into a 12-month CD and $1.25 million into a 24-month CD. Commissioners approved giving Treasurer Coats the authority to complete necessary transfers on the bank side.
