001hey there you are call the meeting to order um I believe the first item on the agenda is the election of the president and secretary so do I have a motion to elect uh president for the annual Board of Finance meeting for the finance Finance I'll make a motion break so I have a motion do I have a second second a second by Pat any discussion all of those in favor and then we'll hear for a motion for secretary I have a motion by Travis do I have a second second by Maryland any discussion all those in favor so come next on the agenda is the designation of I got the rest of it all right designation of depositories that's basically a listing of our banks we use German American for our operating fund and
002we just closed National Old National and open Jackson County Bank for our savings holding holding on the 18th 18. and the next side of a business is a review of the annual investment report we made no CD purchases during the year 2022 so there's really net port also shows our interest which up until December wasn't very good but with one of the trade increased reasons this purchased to switch banks for the year 2023. next up is the investment policy which is Court policy 6144 no time to that next up is the cancellation of outstanding checks the the guideline is you can't have any checks that are longer than older than two years our oldest check is barely over four months so we have nothing to report there August 11th is our oldest check in the
003system so we've done that aspect last up is the fiscal and quantitative indicators which is the packet that's in your that's in there it's got four or five pages printed in color and what you'll see there we have a slight Rebound in ADM from the 2020 2021 year to the 21-22 not not a lot but just a little bit from that year and we also had a slight increase and extend main reason that existed was because we had timing on our grants with the 3s or the two Esser grants and the gear Grant at the end of the year we had quite a bit that was expended and we don't get reimbursed until we asked for that and we don't ask for it till we we asked for it like January 10th so we had
004additional spins that happened because you have to spend before you can receive the money back so you'll see on the charts it looks just slightly above that it looks like it shows it as a deficit that's only because it's not been received yet and that is all I had to report unless there's any questions do we shop rates every year we had not shopped a rate for I believe about 18 months and when we got the phone call we turned around and got two additional quotes and we went with the one that had the best percentage and flexibility we did have some CD options out there that were a higher percentage than what we went with we need to be able to transfer money on any given day just depending so we did not choose
005that we chose one at three and a quarter even though there was some CD rates out there 3.6 but we're getting three and a quarter and we could pull money out today put it back in two days and three and a quarter there's no penalties for anything coming out which is going to be a motion in the regular meeting any additional discussion or questions hearing mental entertain a motion to adjourn motion by Chelsea second do we have a second by Travis all those in favor