Committee approves Phelps CD renewal and sub-account plan
Summary
The committee voted to renew a Phelps CD for seven months at Ergo Bank and directed staff to implement Pat's recommendation on sub accounts, motions that passed July 7.
The Finance, Personnel & Safety Committee approved renewing the Phelps certificate of deposit for seven months at Ergo Bank after a motion moved by Rich and seconded by Joe. The renewal was recorded in the July 7 minutes as passed.
Separately, the committee adopted Pat's recommendation concerning the use of sub accounts and directed Tamra to follow that recommendation. These actions are intended to improve internal accounting and short-term cash management for city funds.
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