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St. Stephen council approves financials, moves $50,000 into 13‑month CD
Summary
City council approved routine financial reports for January and voted to transfer $50,000 from the business savings account into a 13‑month certificate of deposit to earn higher interest while preserving funds for planned street work.
The St. Stephen City Council on March 4 approved its monthly financial reports and voted to move $50,000 from the city’s business savings account into a 13‑month certificate of deposit.
Mayor Lisa Marvin opened the meeting at 6:30 p.m. and the council accepted the treasurer’s report showing a beginning balance of $1,820,745.76, total receipts of $245,266.17 and total disbursements of $78,956.57, leaving a reported ending balance of $1,987,055.36 (bank statement total $2,009,665.30 after outstanding checks). Council discussed options for placing idle funds and approved a motion by Councilmember Tom Vouk, seconded by Councilmember Steve Trobec, to transfer $50,000 into a 13‑month CD.
The council discussed keeping sufficient liquidity for a one‑half street project planned this year and left roughly $257,000 available in the business savings account for that work. The motion to move $50,000 passed unanimously. Clerk Heather Imdieke and Mayor Marvin noted the city will follow up with Falcon about a separate 24‑month CD transaction that lacked DocuSign documentation.
