City $50K deposit questioned
Published 12:00 am Friday, May 23, 2003
Selma has close to $50,000 in a credit union. According to one Selma City Council member, though, the city shouldn’t have put the money there in the first place.
At Thursday’s council meeting, Councilman Glenn Sexton asked Selma Finance Director Vickey Locke if close to $180,000 of the city’s monies had been moved from the Dallas Credit Union to another banking institution.
Sexton’s query stemmed from a list of banking institutions that meet the Security for Alabama Funds Enhancement (SAFE) Program’s requirements. The list’s purpose is to ensure the safety of all public monies by establishing guidelines for banks wishing to be certified as a qualified public depository.
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The Dallas Credit Union isn’t on the list.
Selma Council President George Evans said Sexton’s question was out of order, but Sexton persisted. On March 17, Sexton said, Selma Mayor James Perkins Jr. said all monies would be transferred by the second week of April.
Flipping through council minutes, Sexton noted there wasn’t any mention of Perkins’ comments.
Locke said communication between City Hall and the credit union occurred every week, and there was now less than $50,000 that hadn’t been returned.
Councilwoman Bennie Ruth Crenshaw, though, said she thought the credit union was working as fast as it could. Sometimes bills couldn’t be paid all at once so portions of the amount due are paid instead.
Sexton, however, reiterated his point that Perkins said the money would be transferred by no later than the second week of April.
Crenshaw replied there was nothing wrong with the money being in the credit union besides the SAFE Program’s requirements, and added that she thought the funds should be kept at Dallas Credit Union. She left open the possibility of bringing the matter up with the council in the future.
In other matters the council:
Nunn said the firm told him it couldn’t consider a fee reduction at this time.
The council voted 8 to 0 in favor of paying the fees as expeditiously as possible. Councilman B.L. Tucker wasn’t present.