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Council discusses moving road funds, approves CD rollover
Summary
Council approved rolling over an expiring CD and asked staff to explore moving road/business checking into a higher-yield money-market option; no final decision made on business checking.
St. Stephen’s council approved rolling a roughly $60,000 certificate of deposit (CD) with Falcon for 13 months at 4.1% after Treasurer Kurt Niemeyer presented options during the Jan. 8 meeting. The CD was described as maturing on Dec. 8 and the previous rate had been 5.05%.
Council members discussed an approximately $260,000 business-checking balance earmarked for roads and bridges and asked the treasurer to investigate whether moving those funds into a money-market account (potentially increasing interest to about 2%) would be advisable and whether penalties would apply. Falcon requested a meeting to discuss the option; treasurer Kurt Niemeyer will report back at the January meeting after gathering details.
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