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Town to move checking to higher-yield product; stormwater grant and speed-sign purchase flagged for budget action
Summary
Michigantown staff said Farmers Bank is switching town accounts to a 'community checking' product yielding about 2.86%, the town switched CDs into a promotional 13-month product, and the PS Lloyd allocation of $10,000 is expected to cover most of the planned digital speed signs; a stormwater planning grant for $8,500 was not in the budget and will require additional appropriation.
Town leadership told the council that Farmers Bank is transitioning municipal accounts to a new 'community checking' product that pays roughly 2.86% interest, replacing the town’s prior checking yield of about 0.5%. "They're changing us to these new accounts," the Chair said when describing the bank's internal switch.
The Chair also said the town reviewed its certificates of deposit and switched to a promotional product that yields a higher rate for 13 months. She reported the PS Lloyd budget contains $10,000 for 2026 and that purchasing digital speed signs is expected to consume most of that allocation. The Chair told members that the stormwater planning grant for $8,500 was not included in the current budget and will need an additional appropriation or professional-fees funding; the council decided to table the appropriation discussion until the next meeting when more members will be present.
