The Houston City Council approved an overhaul Monday of the town’s bank investments that will result in earning additional interest income.
The action came after a detailed review of the community’s $3 million portfolio that is held in certificates of deposits at the community’s financial institutions.
Kevin Stilley, chair of the city’s finance committee, presented a report on meetings with representatives of Progressive Ozark Bank, Simmons Bank, Security Bank of the Ozarks, West Plains Bank and The Bank of Houston. The council’s finance committee also gathered twice to review the city’s stairstep expirations of certificates of deposits and what actions could be taken to capture additional interest on the portfolio. Stilley said Alderman Don Romines had spent the lion’s share of time looking at the issue, and he also expressed appreciation for the banks working with the city. The council approved the plan of action unanimously.
In other reports from the finance committee, it recommended:
•Beginning negotiations for the purchase of a 30-40 acre tract for development of a complex to house athletic ball fields. Property under consideration was narrowed earlier. A rendering will be generated by an architectural firm after the tract is purchased.
•Suggested securing proposals from accounting firms closer to Houston that could conduct a forensic review of the city’s finances over a five-year period. An earlier call for bids covering a 10-year period drew two bids and a price tag of $150,000-$160,000. The city also will seek input from the state auditor’s office on what it might charge. Currently, an annual routine audit is conducted by an outside firm.
In other matters, the council:
•Hired Kiowa Line Builders Inc., a Tipton firm, to target the city’s electrical line rights-of-way for tree trimming. There are an estimated 15 miles. Under its bid, the cost of a three-man crew is $215 an hour. The council placed a $35,000 cap on the cost initially and will evaluate the company’s progress after four weeks.
•Discussed street closures for a fall festival set for Saturday, Sept. 23, in downtown Houston. Some preliminary work will occur the evening prior to the event.
•Heard that a downtown business, Mean Muggin’, will spearhead Houston’s Halloween celebration downtown. The city’s police department will submit proposed road closings to Mayor Viki Narancich for the event Tuesday, Oct. 31.
•Learned that lighting improvements at Houston Memorial Airport are progressing on schedule.
•Heard that crosswalks received a new coat of paint in advance of Monday’s school opening, and that council members personally will pay for the painting of Tiger paws near the school to advance school spirit.
•Received a report on a recent Ozarks Small Business Incubator workshop at the Houston Storm Shelter. Four attended, and the West Plains-based organization expressed an interest in conducting other free classes.
•Set the city’s annual property tax levy at about 32.02 cents per each $100 assessed value. Last year it was 32.34. It also updated purchasing policy limits, charges for water hookups, broadband disconnect fees and water line verbiage.
•Adjourned into a closed session.