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Minutes for the Depository Board meeting on August 25, 2009.
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Board members Mayor Perrin, chair, City Clerk Donna Jackson and City Collector Becky Sharp were all in attendance. Also in attendance were Finance Director Jim Barksdale and Assistant City Accountant Jim Eagan.
Mr. Barksdale discussed bidding out the special funds, such as the Advertising and Promotion Fund, separately since they are not part of the General Fund. He also noted he and Ms. Sharp will be visiting banks to discuss the accounts with them because they are not getting much response from the information that is being sent out. Mr. Barksdale explained they usually get a better response if he or Ms. Sharp speaks with the banks. Chairman Perrin questioned how often the rates change. Mr. Barksdale stated the rates are updated quarterly and the rate is currently 1.55% based on the 26-week T-bill rate, which just went up 8 basis points.
Mr. Eagan then discussed the cash balances report. He explained they are looking at each fund’s balance each day so they can better monitor the funds. Chairman Perrin noted the report reflects the City having $20 million in cash balance and they expect another $1 million to come in from reimbursements due to the ice storm earlier this year. He also noted last year at this time the balance was about $27 million, which means the account is about $7 million lower than this time last year. He explained $2.8 million is due to paying off the leases. Mr. Barksdale added another $3 million is due to fixed asset purchases. Discussion was held concerning the fixed asset purchases.
Chairman Perrin asked for revenue and expense projections for the rest of the year to be presented at the next Depository Board meeting. In reference to the cash balances report, he also asked for the report to show the cash balance from last year at this time so they can easily compare this year to last year.
Mr. Eagan next discussed the deposit collateralization report, noting that a...
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