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Council approves $150,000 transfer of reserves to local government investment pool
Summary
Council approved Resolution 579 to move $150,000 from Banner Bank to a Local Government Investment Pool reserve account to seek higher interest (staff said LGIP yields about 3.5% currently). Councilors approved the resolution by voice vote and staff will complete signatures and the transfer.
The Westfir City Council on May 4 adopted Resolution 579 authorizing the transfer of $150,000 of reserve funds from Banner Bank to a Local Government Investment Pool (LGIP) account established separately from highway funds.
City staff explained the move is intended to earn higher interest on reserves; Nicole told the council the LGIP rate is roughly 3.5% at present (it fluctuates). A councilor read the resolution, a motion to adopt was made and seconded, and the council approved the transfer by voice vote. Nicole noted that counselor signatures are still needed to complete the administrative transfer.
The transfer will be executed after the required council signatures, and staff said they will monitor LGIP rates and report as needed.
