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Westfir moves $68,000 through LGIP and places $60,000 into reserve account; bank fees under review
Summary
City recorder reported a completed Secure Rural Schools exchange of $68,000 with Lane County, opened an LGIP reserve account, moved $60,000 into reserves, and flagged Banner Bank online-service fees that could offset earned interest.
Nicole Trenton, city recorder, told council she transferred $68,000 through the Local Government Investment Pool (LGIP) as part of the Secure Rural Schools fund exchange; Lane County then returned $68,000 to Westfir on July 16 to complete the transaction. Trenton said she opened a separate LGIP reserve account and moved $60,000 into it at the budget committee’s request to try to earn more interest.
Trenton also warned that Banner Bank charges online-service fees (about $50/month) and that some fee waivers require a high average balance (she cited roughly $234,000). She said she will monitor balances and inquire further with the bank about fee structures. As she explained: "I moved 60,000 from Bandwidth to the reserve accounts."
