Title
Approval to deposit additional cash reserves at First Bank
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SUMMARY: First Bank has asked the City to put money into a savings account in their bank. The City Council approved this in January for $1,500,000 and the funds were moved from the LGIP Fund to First Bank.
First Bank is asking for the City to do this again. The bank will pay .10 basis points above what LGIP is paying. I recommend the City transfer more money to First Bank. I would suggest another $1,500,000.
BUDGET ACCOUNT: Moving money from LGIP Savings Account to First Bank Savings Account.
Recommended Action
NECESSARY COUNCIL ACTION: Authorize the Finance Director to move money from LGIP to First Bank in the amount of $1,500,000.