Finance Committee

Finance Committee · March 5, 2025

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Bank presents ICS and core-account thresholds

Presentation

3:38 → 9:05(5m 27s)

Presenter (bank representative) opened with a proposal to maintain a $200,000 BCT core account and to move funds into an ICS (insured cash sweep) so the municipality’s deposits can be spread across institutions and increase FDIC coverage. Presenter explained fixed vs. variable deposit products and noted how a variable rate would move ("your rate will move at 40% of it").

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A finance committee meeting reviewed a bank proposal to move municipal funds into an ICS arrangement to increase FDIC coverage, discussed an urgent need to replace failing computers and related budget adjustments, considered a staff prepayment policy for routine bills, reviewed several grant and revenue updates, and approved a set of license-waiver requests before adjourning.

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