The cumulative railroad revenue fund was established through an ordinance passed by the North Judson Town Council at their last meeting in September. The ordinance was passed in order to switch over the $94,820.19 in the previous railroad fund to the newly established account.
Clerk-Treasurer Alicia Collins alerted the council Monday night that the State Board of Accounts said she needed council approval before any funds could be transferred.
She informed them that the old railroad fund, as well as their credit card is currently at First Farmers Bank and Trust, while their general account is at First National Bank of Monterey. She asked the council whether they wished to move all the money in the old rail road account over to the First National Bank of Monterey or if they wanted to close out the old railroad account and start the cumulative railroad revenue fund at First Farmers Bank and Trust.
Council President Wendy Hoppe suggested keeping the railroad money at First Farmers Bank and Trust since they also have their credit card there. Councilman Josh Brown agreed stating that he felt it was a good idea to have money in more than one place.
Councilwoman Jane Ellen Felchuck added that the State Board of Accounts used to require money in multiple banks. Collins mentioned that although that is no longer a requirement it still seems like it would be in their best interest to have funds in both banks.
The council unanimously approved the transfer the money in the old railroad account into the cumulative railroad revenue fund while retaining First Farmers Bank and Trust as the depository.
