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Board of Finance <br />January 26, 2009 <br />Page 2 <br />Ms. Fanello highlighted various portions of the report and noted that: <br />• In 2008 interest income was approximately $6.3 million compared to $7 million in 2007 <br />• South Bend has a 2-year agreement with 1St Source Bank <br />• Projected interest income for 2009 may be at 2002-2003 levels which were approximately <br />$1.3 in 2002 and $861,000 in 2003 <br />• All city dollars are invested in overnight sweep accounts which received a federal funds rate <br />plus basis points usually <br />• RFPs for banking will go our soon <br />• If a financial institution is on a "credit watch" she will not recommend investing with them <br />• There will be little competition on interest rates <br />• 2% is the current CD rate <br />• All deposits are covered by the Indiana Deposit Insurance <br />• All interest earnings are treated as miscellaneous revenues <br />Following general discussion, Council Member LaFountain adjourned the Board of Finance <br />Meeting at 5:03 p.m. <br />of <br />Board of Finance <br />Thomas LaFountain, President <br />Secretary <br />Attachment <br />