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Council appoints treasurer and debates moving sewer funds into short-term CD
Summary
Council voted to appoint Cindy Cyr as treasurer to allow the city to transfer funds; members discussed moving about $100,000 from the sewer fund into a three-month CD at about 4.45% and the accounting implications across multiple accounts.
Council discussed the city's cash balances and a proposal to move approximately $100,000 from the sewer fund into a three-month certificate of deposit paying about 4.45%. Speaker 1 reported fund balances and said, "So your total income was $99,512.97," and indicated the sewer fund holds roughly $236,000. The mayor explained the city must appoint a treasurer formally before the funds can be moved.
Speaker 2 moved to appoint Cindy Cyr as city treasurer so she could execute the investment and the council seconded and approved the appointment. The mayor noted that the appointment would be recorded in the minutes and that, once the treasurer is officially named, the council would authorize the transfer: "Once she's officially been named... then what we'll do is we'll obligate her and give her that permission," he said. Council members also discussed account structures and dividend/interest differences across money-market accounts and CDs.
