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Dakota Dunes CID approves $547,641.96 in April vouchers, reinvests three CDs
Summary
The Dakota Dunes CID Board approved March financial statements and April vouchers totaling $547,641.96 and voted to reinvest three maturing certificates of deposit into Security National Bank at prevailing rates, directing interest to Pioneer Bank money-market accounts.
The Dakota Dunes Community Improvement District Board of Supervisors on April 21 approved the March 2025 financial statements and April 2025 vouchers payable totaling $547,641.96. The motion to approve the vouchers was made by Ms. Finzen and seconded by Mr. Shorma and passed unanimously, 5-0.
During the financial review the board examined Certificate of Deposit rates from several banks and approved a package of reinvestment and transfer actions. The board voted to reinvest two General Fund CDs of $500,000 each into a six-month Certificate of Deposit at Security National Bank at 4.25%, to transfer another General Fund CD into a 12-month CD at Security National Bank at 4.15%, and to transfer a Water Fund CD into a 12-month CD at Security National Bank at 4.15%. Interest earnings from the maturing CDs will be deposited into Pioneer Bank money-market accounts for the General Fund and Enterprise Fund.
The board also instructed staff to obtain quotes for outsourcing payroll preparation and reporting; discussion of accounting and payroll software was tabled until the May 19, 2025 meeting. The financial motions were recorded as passing 5-0.
