Commissioners seek bank bids for lower rates and they lower the millage rate
ALBANY, GA. -- City commissioners approved the pursuit of a request for proposal from banks to see if they can get a new deal with lower interest rates.
Currently the city has $9 million dollars with SB&T Bank, and $1.5 million dollars between SunTrust Bank, Capital City Bank, and Regions Bank.
City Manager Al Lott says one option is to consolidate all bank accounts to one bank for more efficiency. “In our opinion that’s efficient. But then that excludes people. Before we did that we want to make sure they understand the options. Ultimately it’s the committee’s decision to make” says Lott.
Commissioner Dorothy Hubbard disagrees saying the city should diversify which banks hold accounts because various banks have different kinds of expertise.
In other financial news city commissioners lowered the property tax millage rate for all city residents. Between the decrease in tax collection and the promised millage rollback taxpayers will keep about $1.7 million dollars next fiscal year. Meaning a decrease of $20 to $30 per person a year as the millege rate drops nearly half a point.
Commissioners say it’s their way of continuing to try to ease the financial strain on the city’s residents.
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