City of Peru Finance Committee met Aug. 7.
Here are the minutes provided by the committee:
ROLL CALL: Aldermen Payton, Sapienza, Ballard, Tieman present.
PRESENTATION
None
PUBLIC COMMENT
None
MINUTES
Alderman Sapienza made a motion to approve the Finance Committee Minutes of June 26, 2023.
Alderman Ballard seconded the motion; motion carried.
OLD BUSINESS
Finance Officer Tracy Mitchell initiated a discussion regarding investment option recommendations with reserve funds on deposit, $5,976,414.70, with Heartland Bank. The committee agreed to the following.
• $500,000 CD with First State Bank for 6 months at 5.25%
• $500,000 CD with North Central Bank for 6 months at 5.10%
• $500,000 CD with North Central Bank for 12 months at 5.05%
• $235,000 CD with Spring Valley City Bank for 9 months at 5.10%
• $235,000 CD with Illinois Valley Credit Union for 12 months at 5.22% $1,970,000
Also recommended converting money market account funds of $1,500,000 with Peru Federal Saving Bank into a one year CD for 5.12%
Finally, recommend a treasury securities investment account agreement with Hometown National Bank for the investment of $4,006,414.70.
Clerk Bartley presented the following three donation requests. The Committee discussed and recommended:
• $500 donation to Aden Lamps Foundation
• $100 donation to Peru Catholic School Golf Fundraiser
• $100 LP Hoop Group Golf Fundraiser
NEW BUSINESS
PUBLIC COMMENT
None
CLOSED SESSION
None
ADJOURNMENT
Alderman Tieman made a motion to adjourn. Alderman Sapienza seconded the motion. Meeting adjourned at 6:29 p.m.
https://www.peru.il.us/government/agendas-and-minutes/minutes/finance-committee-minutes/2023-fc/6185-finance-committee-minutes-08-07-23/file
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