City of Red Bud Finance Committee met Oct. 16.
Here are the minutes provided by the committee:
Committee Members Present: Rodney Nevois, Ben Schwartzkopf, Mike Rheinecker, Bill Hanebutt, Alan Piel
Committee Members Absent: None
Council Members Present: Curt Guebert, Jeremy DeMond
Council Members Absent: Kyle Donjon
Others Present: City Attorney Rebecca Cooper, City Superintendent Josh Eckart, Code Admin./City Engineer Jeff Mueller, Police Chief John Brittingham, Admin. Assist. Pam Poetker, City Clerk Joanne Cowell
Others Absent: Mayor Susan Harbaugh
Pledge of Allegiance
Committee Chairman Nevois called the meeting to order at 6:00 P.M.
Old Business
None
New Business
I. Approval of Prior Month’s Meeting Minutes – September 18, 2023 Recommendation made by Committee Chairman Nevois, seconded by Committee Member Rheinecker, to approve the minutes from the September 18, 2023, meeting. Motion Carried.
II. CDs Information
A. Maturing CDs
Committee Chairman Nevois reviewed the bids from the local banks regarding the reinvestment of the CDs maturing on October 22, 2023. There is a ten-day window for reinvestment of the CDs.
B. Reinvesting CD Rates
Recommendation made by Council Member Hanebutt, seconded by Council Member Schwartzkopf to authorize approval of the following investments at Buena Vista Bank for a term of one year at 5.45%. Motion carried
GENERAL FUND | AMOUNT | TERM | DIETERICH BANK | BUENA VISTA | NORTH COUNTY SAVINGS |
| City Hall, Code & Plan. Comm. | $500,000.00 | 3 MO | 5.30% | 5.45% | 5.41% |
| Economic Development | $100,000.00 | 3 MO | 5.30% | 5.45% | 5.41% |
| City Hall, Code & Plan. Comm. | $500,000.00 | 6 MO | 5.35% | 5.45% | 5.37% |
| Economic Development | $100,000.00 | 6 MO | 5.35% | 5.45% | 5.37% |
| City Hall, Code & Plan. Comm. | $500,000.00 | 12 MO | 5.20% | 5.45% | 5.15% |
| Economic Development | $100,000.00 | 12 MO | 5.20% | 5.45% | 5.15% |
III. Financial Dashboard
The city is at 42%, month five of the budgeted year. The revenue is at 51%, or $219,268 over budget and expenditures are at 16%, or $1,218,711 under budget.
IV. RMA Insurance Renewal
Included in the packet was the insurance renewal from RMA for January 1, 2024- 2025. There is a slight increase.
Recommendation made by Council Member Piel, seconded by Council Member Rheinecker to approve the Risk Management Association insurance renewal for January 1, 2024-2025 in the amount of $233,981. Motion was amended by Council Member Piel and Council Member Rheinecker to pay by November 17, 2023, to take advantage of the discounted premium of $231,645.69. Motion carried.
Recommendation made by Council Member Hanebutt, seconded by Council Member Rheinecker to approve the Risk Management Association insurance renewal for January 1, 2024-2025 in the amount of $26,789 for the supplemental Equipment Breakdown, Increased Crime Limit and Increased Cyber Security Limits coverage. Motion carried.
V. CTS Managed IT Services – Contract Renewal
The renewal is slightly increased because the Microsoft Office 365 support will be added to CTS, from Computype. The contract will run within the mayor’s term. Recommendation made by Council Member Rheinecker, seconded by Council Member Hanebutt to approve the CTS Managed IT Services contract renewal. Motion carried.
VI. FY’23 Surplus Funds Transfer
Adm. Assist. Poetker submitted a suggested surplus fund allotment, which she, Mayor Harbaugh and Liz Cowell had worked on. This will be addressed at the next meeting, allowing everyone time to review.
VII. Public Comments/Anything for the Good of the City
None
The meeting was adjourned at 6:13 P.M.
https://www.cityofredbud.org/uploads/3/8/4/1/38410823/finance_101623.pdf
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