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Treasurer reports multi-million-dollar CD renewals; board discusses cash transfers
Summary
Treasurer Jessica Niemitalo reported renewing several certificates of deposit totaling tens of millions across Bravera and Cornerstone; the board discussed moving funds into Road & Bridge or breaking CDs to support a planned $40 million transfer.
County Treasurer Jessica Niemitalo told commissioners Aug. 5 that she had renewed multiple certificates of deposit: three $5 million and two $10 million CDs at Bravera for 12 months, and at Cornerstone she renewed three $5 million CDs, one $10 million CD and one CD for $3,821,552.87 with staggered terms (the minutes note some Cornerstone terms at six months). The board discussed whether to move some funds into the Road & Bridge fund for a planned $40 million transfer this year or to break CDs to free cash for that purpose.
The motion to renew the listed CDs was approved by roll call: "Moved by Comm. DeGroot, seconded by Comm. Hollekim, to approve renewing the Certificate of Deposits..." the minutes state. No interest rates or maturities beyond the term lengths in the minutes were recorded for public release at this meeting.
The board requested staff continue to assess cash availability and timing relative to the $40 million Road & Bridge transfer, and to return recommendations at the called special meeting on Aug. 8.
