Title
Depository change for the City's Insurance Reserve Bank Account.
Summary
The City received a proposal from First Community Bank for a money market account with a minimum balance of $500,000 that earns 55 basis points. The City's insurance reserve bank account is currently earning 35 basis points at Centennial bank.
Budgetary Impact:
Non-Capital Item:
____ Budgeted under account #_______________ (discussion item)
____ Not budgeted, requesting transfer of $__________ from Account #______________ to Account #_____________.
____ Not budgeted requiring increase to account #___________ in the amount of $____________.
Capital - Departmental
____ Budgeted under account #______________ for $___________ and described in budget as __________________________________.
Additional amount needed, if any: Increase in budget of $_____________ OR, transfer of $___________ from Account #____________ to Account #_______________
____ Not Budgeted - account #____________ requires budget increase of $_____________.
Capital Project - **THE PRE-PROJECT CHECKLIST AND BUDGET CHECKLIST MUST BE ATTACHED TO THIS FILE**
In current year Capital Projects Plan:
_____ Yes, planned amount $___________, requesting $_________ as total project estimate, including contingencies, under account #_________________
_____ No, requesting $___________ as total project estimate, including contingencies, under account #____________________
Body
WHEREAS, The City was contacted by First Community Bank with a proposal for a money market account with a minimum balance of $500,000 that earns 55 basis points.
WHEREAS, The City's insurance reserve bank account is currently earning 35 basis points at Centennial bank.
WHEREAS, it would be financially responsible to move these funds to First Community Bank to earn a high interest rate.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Fo...
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