Village of Wauneta moves forward in preserving Chateau Theatre
The Wauneta Village Board of Trustees met for their regular July meeting on Tuesday, July 11.
At last months meeting Sharleen Riemenschneider with Edward Jones was present to discuss investment options for the Rider fund for the Chateau Theatre.
Riemenschneider suggested the board move from a lower risk investment category to a more aggressive one.
She also provided an overview of the fund’s history in both growth and withdrawals, and noted that it currently generates approximately $2,000 per year in income.
During June’s meeting the board decided to wait on making any decision until discussing options with the theatre committee.
Discussion with the committee in preparation for the July meeting brought up both concerns and suggestions.
After updating the committee on the proposed raise in investment risk they suggested continuing to monitor the account, and possibly have some sort of arrangement written up that if the account hits a certain monetary amount it would trigger an instant withdrawal.
When the fund was established by Dr. Rider’s estate, it stipulated that withdraws can only be made when the balance is above $100,000.
The board decided Village Clerk Evelyn Skelton would be in charge of monitoring the account, and deciding whether or not money should be transferred from the account or left alone.
The board of trustees also approved the motion to jump up to a more aggressive investment policy, and have 50 percent go into the balance towards income and 50 percent towards growth in the balance of income.
Village backhoe upgrade
The village approved purchase of a new Case backhoe from Titan Machinery.
The purchase is expected to cost $10,850 after trade-in allowance, government discounts and a $20,000 donation from the Collinsville Community Foundation.