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Finance committee backs emergency measure to renew city depository agreement before Aug. 22
Summary
The Troy Finance Committee recommended unanimous emergency legislation to renew the city's depository agreement and asked council to authorize the auditor's recommendation (US Bank for deposits), with several banks named as backups, ahead of the agreement's Aug. 22 expiration.
Todd Seivert, chairman of the Troy Finance Committee, asked the committee to recommend that council award the city’s depository agreement for the next five years and seek emergency legislation so the new contracts can start before the current agreement expires on Aug. 22. "Provide a recommendation to counsel regarding awarding the deposit of public funds for the next 5 years, as recommended by the city auditor," Seivert said, introducing the item.
City auditor Mr. Titherington told the committee he opened and evaluated bids and recommended continuing with US Bank for deposits while using a different institution for payroll, and asked the committee to allow several other banks to be named as backups. "After opening the bids and evaluating them, his recommendation is continue with US Bank for deposits versus financial for payroll," Mr. Titherington said. He added the auditor did not go out to bid previously and that the five‑year review is a routine requirement.
Committee members had no substantive objections and moved unanimously to recommend emergency legislation to the full council. The committee did not record a roll‑call vote in the transcript; members described the recommendation as unanimous. The item will be forwarded to council for final action.
