City Will Earn Less Money On Accounts

Aldermen hear bid amounts for culverts.

By Jack Gurner
Reporter

WATER VALLEY – The nation’s continuing financial woes have even trickled down to local government as Aldermen voted Feb. 1 to accept the only bid to be the City’s depository.

Mechanics Bank offered a 1.05 percent annual percentage yield, down from last year’s 1.35 percent rate. In 2009, Mechanics offered 2.68 percent in competition with Renasant Bank, which offered 1.675 percent.

Mayor Larry Hart explained that interest is paid to the City of Water Valley based on the average collected balances.

For the 12 months of 2010, the city (all departments) had an average collected balance on all accounts of $2,518,441 earning $34,395 in interest.

This upcoming year’s lower rate would mean about $7,500 less earned in interest on the same amount of money.

In other actions at the regular February meeting, Aldermen:

• Heard a report from Water Valley Main Street Director Mickey Howley. Howley told Aldermen that the WVMSA was still working to get approximately126 structures in the City listed on the National Register of Historic Places. Currently bids are being taken for professional work on the project.

The Main Street Director added that the Arts Council was making plans to award the second Ed Shearer III Memorial Award for Artistic Achievement in March. Later in the month, the group will hold a costume party and dance fundraiser.

As Howley concluded his report, Hart read a letter from Bobby Turnage of the WVMSA informing City officials that the fourth annual springtime street fest would be held Saturday, May 7.

Turnage wrote that the event, which highlights the City’s downtown and Main Street, would have music, games for young and old, arts and crafts, local foods, and the season opening of the Farmers Market. He thanked City officials for their continuing support of the festival.

• Voted to advertise a brush truck for sale.

• Paid two invoices related to the airport project, one for $20,967.80 and another for $551.78. Hart said that the payments were probably the last for the current project.

• Took under advisement four culvert bids.

• Agreed to allow the Mayor to pursue an 80-20 grant from the Appalachian Regional Commission (ARC) to rehab the water tank located at BorgWarner. Willis Engineering, the City’s engineering firm, estimates the project will cost $112,320.00.

• Were told City employees would be off Feb. 21 for President’s Day, a national holiday. “How many do we get; 26, 27 holidays?” Hart jokingly asked City Clerk Vivian Snider.

“I guess about 11,” said Snider.

• Adjourned at 6: 42 after meeting for just less than 12 minutes. All five Aldermen were present for the regular first of the month session.