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Staff reports SRF reimbursement and updated CD yields during finance report
Summary
A staff member told the committee Waterfront Cash received "$90" from SRF for a June reimbursement request and said one CD (noted at $50,000) was updated and is "running 3.27"; the transcript does not clarify units. Members discussed deposit policy and seeking GRP approval to place funds in savings rather than other accounts.
A staff member reported a short finance update during department reports, saying: "For Waterfront Cash, we did just receive the $90 from SRF for a June reimbursement request." The transcript did not specify whether the figure was $90, $90,000 or $90k; the figure is reported as spoken in the meeting.
The staff member also reported updates to certificates of deposit, saying one $50,000 CD "was updated" and is "now running 3.27" while another $15,000 CD had not yet been updated. Committee members discussed opportunities to invest or move deposits and noted they still need GRP approval to allow some deposits to be placed into savings accounts rather than the currently restricted accounts.
Members discussed ongoing monitoring of market yields as CDs mature and directed staff to continue reviewing deposit and investment options; no formal action or vote was recorded on the items in the transcript.
