The Cosmopolis City Council approved a measure Wednesday evening to move the money from a $3.2 million bond to a local government investment pool where it will generate more interest.

The move comes as the council and mayor are working to stabilize the perilous budget situation for the small town, in front of a much smaller and less argumentative crowd than has characterized many recent meetings.

The council was only recently notified of the bond’s situation, said Mayor Linda Springer.

“Our CPA brought it to our attention,” Springer said. “We had a citizen that brought it to our attention.”

Having a certified public accountant has been extremely helpful for the city, Springer said. Tara Dunford came on board about a month and half ago, Springer said. Dunford has a background in working with small cities, Springer said.

“I think it’s one of the best things we as a city could have done,” Springer said. “It’s not just fresh eyes, it’s people that have a thorough background in accounting and auditing.”

The previous city council voted to move the $3.2 million into the investment group during April of 2023, Springer said, but the move was apparently never executed, Springer said. Now, it’s going through the process, which is apparently not as quick as simply ordering the money moved.

“It’s not black and white. You just can’t do that,” Springer said. “There are several steps you have to do to move that money.”

While moving it into the investment group isn’t as profitable now as it would have been when it was initially created, it’s better than nothing, Springer said.

“We are still going to make money. It could be anywhere from $20,000 to $50,000,” Springer said. “Once we move the money, we will end up owing almost half of what we earn in the LGIP (local government investment pool). There’s a report we have to do why it wasn’t moved.”

The city’s finances have stabilized somewhat, Springer said.

“We do have some funds in the general fund. But we continue to monitor it closely. We’re looking at all expenditures,” Springer said. “The reorganization of positions at city hall … that’s allowing the budget to be a little more flexible.”

The council also voted to extend an interlocal agreement with Aberdeen for administrative support to August.

Councilmembers also praised the Aberdeen Police Department for their coverage of the city so far.

“We’re just working through all the nuances that come with a new agreement like this. It’s been a great experience so far,” said Councilor Kim Skinner. “We’re grateful for them.”

Skinner said he hoped they’d be able to get their own department back on its feet soon.

“It has to improve. We have to find money,” Skinner said. “That’s money. It’s not a joke. It’s going to cost. But we can’t think this situation we’re in is sustainable. There’s a lot of questions that have to be answered before we come up with any kind of proposal.”

The mayor spoke to a problem in generating the water bills that caused staff to have to redo the whole billing run, sending them out Tuesday night.

Councilor Jeremy Winn proposed a possible small restructure of how public meetings were held in order to incorporate more ability for the residents to get involved and ask questions.

Springer also thanked members of the public who were volunteering to look after the city’s parks.

“As a mayor I believe volunteerism in our community will help us thrive and be better. It’ll help build the pride in the community. I’ve always believed that,” Springer said. “We have a pretty strong volunteer base in this community. And a lot of pride in this community.”

Contact Senior Reporter Michael S. Lockett at 757-621-1197 or michael.lockett@thedailyworld.com.