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Minutes for the Depository Board meeting on December 30, 2009.
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Board members Mayor Perrin, chair, City Clerk Donna Jackson and City Collector Becky Sharp were in attendance. Assistant Finance Director Jim Eagan was also in attendance.
Ms. Sharp motioned, seconded by Ms. Jackson, to approve the minutes from the September 22, 2009, meeting. All voted aye.
Ms. Sharp informed the board that the Mayor took a poll from the local banks concerning their rates and no one could beat Liberty Bank, so the City will be keeping its money with Liberty. Chairman Perrin questioned whether Liberty will have $40 million in pledges for the City funds. Ms. Sharp answered yes. Chairman Perrin then questioned what the current interest rate is. Ms. Sharp answered 1.39%.
Ms. Sharp then informed the board they are currently working on removing former Finance Director Jim Barksdale from the City accounts and will be adding Assistant Finance Director Jim Eagan. It was noted Mr. Barksdale is now the City’s Compliance Officer.
Chairman Perrin stated that for the next meeting he would like to see some information presented. First, he would like to see a print out showing all of the City accounts, their balances, interest earned and whether or not they are collateralized. Second, he would like to see information regarding certificates of deposit and other ways the City could invest any excess money, if the City has excess money. He later added it would be a good idea to send out monthly letters to local banks asking for their interest rates and other pertinent information so the board can make informed decisions as to investing excess monies.
Chairman Perrin noted they recently received a letter from Bank Commissioner Candace Franks detailing what banks in the State whose deposits are insured by FDIC and are eligible to be depositories for public funds. He questioned whether the City has any money in banks that are not listed. Mr. Eagan answered no.
Ms. Jackson recommended setting a regular meeting time as opposed to meeting sporadically. Discussion was held concerning when the board would meet. Ms. Jackson stated the board had set a regular meeting time when it first started meeting. She added she would look at the previous minutes and let everyone know when the originally decided meeting time was.
Discussion was then held regarding reconciling the City’s fund accounts. Mr. Eagan stated by the end of the next week all of the City’s fund accounts should be reconciled. It was also added that the City will end 2009 with approximately $22.3 million in cash balances.
Mr. Eagan informed the committee that earlier this year he reviewed the FFIEC reports on the banks the City does business with. He noted he saw nothing out of line with any of the banks.
With no further business, Ms. Sharp motioned, seconded by Ms. Jackson, to adjourn the meeting. All voted aye.