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City to save extra $85K per year after changing banks
Money

A little shopping will likely make the city of Cumming a lot of money.

Mayor Troy Brumbalow recently announced the city will make an extra $85,000 per year in interest after moving $5 million in city funds from one bank to another.

“The city has a lot of money spread across different banks and different securities and that kind of stuff,” he said. “We started shopping around and were able to move $5 million from one bank to another. We were getting less than a third of 1 percent [interest,] now we’re getting 2 percent.”

The funds were part of the city’s water and sewer enterprise fund and can be used on those projects.

“It was a no-brainer to make the change,” Brumbalow said.

Brumbalow, who took office in January, said the city will keep looking for other ways to save money.

“We’ll continue to always look for ways to improve,” he said. “If you’re staying stagnant, you’re going backwards.”