Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Treasurer Report topic
No spam. Unsubscribe anytime.
Treasurer: sweep account to start, expected to add about $5,000 monthly
Summary
Town Treasurer Melanie Neeley told the Board of Finance that paperwork to begin moving funds into a sweep account was completed and that the change should bring in about $5,000 extra per month; she also noted some old accounts (including a cemetery fund) likely need to be closed and will be brought to the board.
Treasurer Melanie Neeley reported to the board that paperwork to initiate transfers into a sweep account was completed and the move "should bring in about $5000 extra a month." She also said a couple of old accounts remain open and probably need to be closed, including a cemetery fund; she will prepare a list for the finance board to refer to a town meeting.
The new sweep account is intended to improve short-term interest earnings on idle balances. Board members asked no follow-up questions during the presentation; next steps are for the treasurer to present the list of accounts for closure at a future meeting and for any closures to be approved at a town meeting.
