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Council approves closing a CD to move funds to general fund and awards three-year audit contract
Summary
City Treasurer reported a Prosperity Bank CD (approx. $165,000) renewed in error; council authorized Resolution R-2026-013 to close the CD and transfer funds to the general fund and TexStar. Council also awarded a three-year audit contract to BGFN after reviewing three proposals.
Gun Barrel City council approved a resolution to close a Prosperity Bank certificate of deposit (ending in 1007) that had auto-renewed and to transfer the proceeds to the city's general fund and TexStar. Mickey Rainey, the city treasurer, told the council the account held approximately $165,000 and that TexStar's interest rate on July 16 was 3.63 percent.
Rainey said staff previously sought to close two CDs in March but a miscommunication with the bank caused one to renew; staff now requested council approval to close the remaining CD and move funds. Council approved Resolution R-2026-013 by motion and unanimous voice vote.
Separately, the council reviewed bids for independent audit services for fiscal years 2026, 2027 and 2028. Staff received three proposals, disqualified the incumbent bid per evaluation criteria and recommended contracting with BGFN (Temple, Texas). Council adopted the award by motion and vote.
