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Council authorizes opening local account for $300,000 OZLA grant payment
Summary
Staff asked council to open an interest-bearing account at Federated Bank to hold the city's first OZLA grant payment of $300,000, to simplify tracking and auditing; council signaled support and asked staff to proceed.
City staff reported the receipt of a $300,000 initial payment from the state for the OZLA grant and requested the council allow the funds to be held in an interest-bearing account at Federated Bank in Braidwood so local banking business benefits and tracking is clearer.
"We have received our 1st payment ... for the amount of $300,000," staff said, and recommended opening an account locally to make tracking and audit reporting easier. Staff noted the arrangement will help with monitoring what has been spent and streamline future audits conducted by Monarch Consulting for the fiscal year. The council did not adopt an ordinance in this meeting but authorized staff to open the account and manage the grant funds per audit requirements.
