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Trustees direct reinvestment of maturing CD and review budget variances
Summary
Board discussed a maturing CD, reviewed bank rates and general-fund balances, and voted to reinvest the maturing CD in a roughly seven-month certificate while monitoring cash needs for planned projects.
Village staff reported that a certificate of deposit is maturing at month-end and presented rate comparisons across several banks. Trustees discussed liquidity needs and the timing of planned capital projects and agreed to reinvest the maturing funds in a short-term instrument to balance yield and access. A trustee moved and the board approved rolling the CD into a seven-month term at the presented rate.
Separately, the finance report showed year-to-date income exceeded projections ("home income was $29,404.96 higher than what I had projected") and expenses were below budget in many categories, producing a favorable net variance compared to budget. Trustees asked staff to continue monitoring cash positions and schedule.
