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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 set...
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