Authorization to Close the Service Station Deposit Bank Account.<span style='font-size:15px;font-family:"Arial",sans-serif;' data-pasted="true"> – Town Manager</span>

Background The Town has historically maintained a dedicated bank account for the service station deposit. According to our accounting records, this account held a principal balance of $10,000 in FY 2016. For several years following FY2016, there was substantially no financial activity in this account other than the regular accumulation of interest earnings. Current Status and Request In August 2024, the $10,000 principal balance, along with all accrued interest earnings, was transferred out of the service station deposit account and deposited into the Water Fund. Since that transfer took place, the balance of the service station deposit account has remained at $0. Because the account has been fully depleted and is no longer actively used or necessary for Town operations, we are requesting Town Council authorization to close the service station deposit bank account.