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Council approves CD rollovers and moves $25,000 into vehicle/tractor CD
Summary
Treasurer Tracey McCay reported the Pokagon Fund balance ($43,329) and the council approved rolling over maturing CDs and moving $25,000 into a CD to save for vehicle and tractor purchases.
Treasurer Tracey McCay told the council the Pokagon Fund balance remains $43,329 pending an updated statement and recommended rolling over two maturing CDs at competitive short-term rates.
The council approved a motion to rollover the two CDs as presented. Tracey also proposed moving $25,000 into a vehicle/tractor CD — $10,000 budgeted annually for a police car every five years and $15,000 to fund a tractor replacement over six years — and the council voted to move the funds into the CD by roll call, 3–0.
Councilors did not attach additional conditions to the rollover or the vehicle/tractor CD during the meeting. The motions were recorded in the Treasurer’s report.
