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Treasurer reports $1.82 million ending balance; CD renewed at Falcon Bank
Summary
Stearns County treasurer reported an ending balance of $1,817,208.78 for Nov. and a bank statement total of $1,859,960.50; the council noted a League refund of $1,617 and renewed a 13-month certificate of deposit at Falcon Bank at 4.97% interest.
Treasurer Kurt Niemeyer presented the financial report for Nov. 1–Nov. 30, 2024: a beginning balance of $1,887,536.54, receipts of $81,746.08, disbursements of $152,073.84 and an ending balance of $1,817,208.78. The minutes list outstanding checks of $42,751.72 and a bank statement total of $1,859,960.50. The League of Minnesota Cities will refund $1,617 to the city.
The minutes note the city renewed a certificate of deposit for 13 months at Falcon Bank with a 4.97% interest rate (APR 4.1%). The council discussed moving funds into a Falcon business savings product that requires a $10,000 minimum and would earn about 1.7% compared with the city’s current savings rate of 0.1%.
The treasurer's report was approved by motion (moved by Gene Skaj, seconded by Danita Traut) as recorded in the meeting minutes.
