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McIntosh council approves moving up to $200,000 into Florida Prime; August financials accepted
Summary
Councilors authorized the town manager to transfer $200,000 to the Florida Prime short‑term investment between Oct. 1 and Oct. 30, and approved the August financials 5-0. Council sought clearer monthly budget-to-actual reporting going forward.
Councilors on Sept. 9 flagged that the town was holding a larger-than-necessary balance in its checking/debit account and discussed short-term liquidity and reserves. Vice President Ciotti moved to transfer $200,000 into Florida Prime, amended the motion to allow the town manager to make the transfer between Oct. 1 and Oct. 30, and the motion passed 5-0.
"Florida Prime is available cash in one day, so if something happens, we could get our money," Vice President Ciotti said during the discussion about liquidity and auditor recommendations. Councilors also asked the manager to coordinate with the town's CPA to align chart of accounts and budgeting lines before large transfers.
Separately, after reviewing monthly materials and a request to clarify budget-to-actual reporting, Councilor Sindledecker moved and Councilor Jones seconded approval of the August financials as presented; that motion carried 5-0. Rickman said staff will work to provide clearer monthly year-to-date budget vs. actual reports that identify remaining balances by line item.
