A change in the interest rate being received will mean a lot of money to the city of Danville. City Treasurer Chris Heeren told aldermen Tuesday night that Comptroller Ashlyn Massey recently discovered that the city was getting a low interest rate on the money received from the American Recovery Program Act.
That change has greatly increased the money going to the City from interest on the COVID relief money.
He said that has caused a review of all the city’s accounts and got some higher rates.
The City Council has approved hiring an outside firm to help with some accounts. The treasurer’s budget was increased by 70 thousand dollars to hire a firm to help with bank reconciliations. The former Treasurer was late with bank reconciliation which can cause financial problems with some city accounts. Mayor Rickey Williams says the current Treasurer and the Finance Department have been working on the problem.
