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Finance Committee applies boat-dock account balance to loan, will close boat checking
Summary
The Fountain City Finance Committee voted Aug. 28 to use the balance of the boat checking account to reduce principal on the boat-dock loan, close that account, and route future launch fees into pooled checking. The motion was moved by Barb Schmidtknecht and seconded by Chris Williamson and recorded as carried.
The Fountain City Finance Committee voted on Aug. 28 to apply the remaining balance in the boat checking account to principal on the boat-dock loan and to close the dedicated boat checking account. The committee also directed that future boat-launch fees be deposited into the city’s pooled checking account. The action was proposed by Barb Schmidtknecht and seconded by Chris Williamson and is recorded in the minutes as "Motion carried."
Marcia Drysdale provided the update on the boat-dock loan during the meeting. The minutes do not specify the dollar amount remaining in the boat checking account or the loan balance; those figures were not recorded and are listed as not specified in the meeting record. The minutes do not show a roll-call tally for the motion.
