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Minutes for the Depository Board meeting on December 30, 2008.
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Board members City Clerk Donna Jackson and City Collector Becky Sharp were in attendance. Board member Mayor Doug Formon was absent. Also in attendance were Interim Operations Director Allison Whitley, Finance Director Jim Barksdale and Mayor-elect Harold Perrin.
Ms. Sharp motioned, seconded by Chairwoman Jackson, to approve the minutes from the last meeting. All voted aye.
Mayor-elect Perrin discussed the cafeteria plan. He questioned who was enrolled in the cafeteria plan. Ms. Sharp stated Human Resources would have that information, but she thinks the number went down for 2009. Mr. Barksdale added there are less people enrolled for 2009 because of the problems with getting money back. Ms. Sharp also added people didn’t want to pay for the card, which they will have to do starting in 2009. Further discussion was held concerning the cafeteria plan. Chairwoman noted the purpose of the committee is only to discuss where the money is located and stated the cafeteria plan is not under the authority of the Depository Board.
Ms. Sharp motioned, seconded by Chairwoman Jackson, to appoint Mayor-elect Perrin the chair of the Depository Board starting January 1, 2009. All voted aye.
Discussion was held concerning the interest rate bids from the banks. Mr. Barksdale stated banks are calling, wondering who the high bidder was and whether they would hold the City’s money. Mayor-elect Perrin stated Liberty Bank is the high bidder. He recommended proceeding with transferring money and getting the accounts setup before they determine how much will be spent in Capital Improvements and the other accounts. Discussion was then held regarding the bid proposal by Liberty Bank. Ms. Sharp stated the only accounts that would need to be moved are the general consolidated funds and the operating fund at BancorpSouth because everything else is already at Liberty. Mayor-elect Perrin recommended Ms. Sharp call the banks to see how much the rate will be on the accounts that can’t be moved at this time. Ms. Sharp stated she will get the accounts set up so starting Friday they can start depositing money in the new accounts.
Ms. Sharp motioned, seconded by Chairwoman Jackson, to move the money to Liberty Bank and separate some of the accounts, such as Perpetual Care and Advertising & Promotion. All voted aye.
Mayor-elect Perrin questioned who signs the checks. Ms. Sharp stated right now, her and the Mayor sign the checks. Mr. Barksdale added it should be the Finance Director, but because Ms. Sharp is on the board she signs the checks. Mayor-elect Perrin recommended requiring three signatures. He then questioned whether there are any ATM cards or debit cards with those accounts. Ms. Sharp answered no.
With no further business, Ms. Sharp motioned, seconded by Chairwoman Jackson, to adjourn the meeting. All voted aye.