Council hears budget and CD status; bank errors leave CDs showing zero
Council reviewed a general fund balance of $223,370.43 and discussed three CDs that appeared as zero on reports because a bank failed to renew one on time; council expects interest adjustments once the bank corrects the record.
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During the budget committee report, a council member noted the general-fund balance of $223,370.43 and asked why three CDs showed zero on the report. Council member (Speaker 3) said the funds were in the bank account but that Cadence Bank had not renewed one CD and the ledger displayed zeros until the bank corrected the error. "Right now, we can't—we had to close out 2 of the CDs," Speaker 7 said, adding that funds were planned to be transferred to the tech-school account to draw better interest.
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