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Board approves moving funds into CDs, citing market rates and cash‑flow targets
Summary
The board voted to move roughly $1.5 million into an 18‑month CD at about 4.05%, put about $400,000 into a three‑year CD at 4.05%, and transfer $500,000 from checking into investments, after discussing cash‑flow needs and risk; motion was recorded as 'Motion by Sean, 2nd by Dale' and passed by voice vote.
Board members reviewed a cash‑flow analysis and discussed splitting available funds across certificates of deposit to lock in competitive interest while keeping a municipal safety net. S1 summarized the group’s recommended plan and called for a motion; the meeting record states "Motion by Sean, 2nd by Dale." S3 seconded during the meeting and the board approved the plan by voice vote with none opposed.
The approved allocation discussed at the meeting: approximately $1.5 million in an 18‑month instrument at about 4.05%; about $400,000 into a three‑year instrument at about 4.05%; and a transfer of $500,000 from the town’s checking account into those investments while leaving a contingency balance in the money market. Board members said the approach balances yield with access to operating funds. No formal roll‑call vote tally by individual board member name was recorded in the transcript.
