Joe Trigg, Glasgow City Councilperson, speaks at an earlier meeting of the council. Trigg questioned Monday, April 12, 2021, the city’s use of excess funds and possible investment into an investment pool fund.
(BRENNAN CRAIN/WCLU NEWS)
GLASGOW, Ky. — The City of Glasgow began Monday evening to consider entrance to an investment program administered through the Kentucky League of Cities.
“It’s something that we can invest in that will pay about three-and-a-half to four times what we’re getting through a local bank or any other investment company,” said Glasgow Mayor, Harold Armstrong. “And it’s insured.”
The finance committee had considered a similar investment program sometime last year, said Wendell Honeycutt. He chairs the finance committee.
Terry Bunnell, councilperson and local banker, said the KLC Investment Pool Plus program expressed support for the program.
“This is a fund that allows us diversification in our investment,” Bunnell said.
The fund will be used for the city’s excess funds. No operational funds will be invested, the mayor said. Up to $2 million can be invested.
Joe Trigg, councilperson, inquired about the city’s “excess funds.” The city recently hiked its occupational tax and transferred money from the landfill fund to the general fund.
“Weren’t we just transferring money from land management over to the regular budget?” Trigg said. “Do we have any money?”
The mayor said those funds were redistributed because the budget already included those items. The “excess money” was not a part of the current fiscal year’s budget.
“Some of that stuff was in the budget and we had already had the money in there,” Armstrong said. “But it was not in the right account to draw down on where we could pay these things we have to pay.”
Honeycutt also explained some money must be held until it needs to be spent. The investment pool would be an option to hold that money.
The matter will head to the finance committee. Stephanie Garrett, city treasurer, and Joe Lascala, city finance officer, will be directed to inform the finance committee of the city’s initial investment and interest rate on the account.
In other business, the council moved to approve the transfer of real estate to two people.
The city has owned a portion of Park Drive by virtue of a plat recorded several years ago.
“The excess land has no use to the City, nor anyone other than the adjoining landowner, Mr. Kidd, and the adjoining landowner has been mowing the property for years at his expense,” according to the ordinance.
The Glasgow City Council approved on second reading to transfer the .167 acres of surplus property to Benjamin P. Kidd and Tiffany D. Kidd, both of Glasgow. The couple must now pay the associated fees with the land such as survey, plat and recording.
April Russell, director of the Office of Grant Oversight, was approved to make application for several grants.
A grant worth $56,800 was approved. The grant is for pour-in-place rubber surface for the Parks and Recreation Department. The city must commit to paying 25% of the grant, which equates to $14,200.
The council also approved Russell to make application for a $3,000 grant. The grant is through the Kentucky League of Cities Insurance Services Compensation Safety Grant. The money will be used to purchase personal protective equipment for the police and recreation departments, the resolution said.
The final resolution was written to authorize Russell to apply for a composting grant. The grant is worth $55,575. The money will be used to purchase composting equipment.
Janis Turner was reappointed to the Historic Preservation Committee. The term is two years.
A pending appointment was also considered. It will be taken up for a vote at the council’s April 26 meeting.
The mayor announced a portion of Steeplechase Road will be closed to thru traffic for repairs. Garbage collection schedules will remain the same.
The next meeting will be at Glasgow City Hall April 26. CDC guidelines will be followed.
