City of Genoa City Council met Dec. 21.
Here is the agenda provided by the council:
I. Call To Order & Roll Call
II. Pledge Of Allegiance
III. Guest Speakers
A) Recognition Of The Genoa-Kingston Girls Volleyball Team On Their Class 2a State Championship
Iv. Approval Of Minutes From The December 7, 2022 Public Hearing And The December 7, 2022 City Council Meeting
V. Approval Of Accounts Payables
VI. Items From Individuals In Attendance*
VII. Old Business
VIII. New Business
A) Future Items For Discussion
B) Update From The City Attorney On Amendment 1 To The Constitution Of The State Of Illinois
C) Approval Of An Ordinance Approving Membership In The Illinois Municipal League Risk Management Association And Authorizing The Execution Of The Imlrma Intergovernmental Cooperation Contract
D) Approval Of An Ordinance Authorizing The Execution Of The Rma Minimum/Maximum Contribution Agreement
E) Approval Of Engineering Costs For The Reid Road And Cooper Court Watermain Replacement By Baxter And Woodman, Not To Exceed $14,800
F) Approval Of An Investment Management Agency Agreement With Heartland Bank And Trust Company
City Staff has been monitoring interest rates earned on funds kept in reserves, especially in substantial operating and capital funds. With interest rates on the rise, the City has an opportunity to increase interest earned through a local bank, Heartland Bank and Trust. The Bank’s AMTS accounts offers a variable interest rate that depends on the market, however, the rate is nearing 4%, far exceeding returns in the current account. At this time, Staff is recommending transferring $1,500,000 of the water and sewer operating and capital funds balance to the AMTS account. It’s important to keep a reserve in the operating account, however, any amount in excess of $200,000 is not needed on a month-to-month basis and is therefore appropriate to invest. Based on current trends, this could increase interest returns on the water and sewer funds by approximately $60,000 in just 12 months, which would be a great help with increasing labor and material costs. Funds from the AMTS account can be transferred back to a checking account for use within 1 business day, should the reserve need to be used. Staff is currently evaluating all operating and capital accounts to ensure that increasing interest rates are used to taxpayer’s benefit while simultaneously working with the Finance Advisory Committee to create a Fund Balance Policy and an Investment Policy.
IX. Department Reports
A) Finance
B) Public Works
C) Police
D) Administration
E) Committee, Boards, And Commission Reports (WTC, EDC, PC, PC, PP, TB, DBC, And FAC)
F) Mayor
X. Announcements
XI. Motion To Adjourn
https://www.genoa-il.com/wp-content/uploads/2022/12/1-CCagenda12212022.pdf
Alerts Sign-up