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CAPC reviews finances; commissioners ask staff to explore $500,000 short-term CD options
Summary
Finance staff reported $1.548M in bank deposits and presented collection and P&L figures. A commissioner proposed placing $500,000 in short-term CDs; staff will research bids and return options at the next meeting.
Ty, the commission’s finance staff, reported the balance sheet: “It says we have 1,548,000 in the bank,” and summarized liabilities and equity numbers for commissioners.
Commissioner Robert proposed a conservative approach to earn more interest on idle cash, saying, “I would propose that we would maybe put another $500,000 in just the 3 months CD.” Staff confirmed existing CD bids and advised that any CD placement must follow the bid process; commissioners asked Ty to shop rates and return with specific options and a proposed amount to tie up for three to six months. The commission approved the presented financials by motion later in the meeting.
Why it matters: The commission manages local advertising and promotion funds; short-term investments affect available program funding and event support for the remainder of the year.
