The clock is ticking on the decision of where the city of Jackson will keep its money for the next two years. State law requires the municipal to have a depository by Jan. 1.
The city has banked with Jackson-based Trustmark for 30 years, but this year when Mayor Tony Yarber's administration sent out the request-for-proposals for a new two-year agreement, it was Tupelo-based BancorpSouth that came in as the lowest bid, by some $20,000.
That apparently sent city official scrambling.
But members of the city council, who must approve moving accounts totaling $76.5 million to a new bank, are vocally reticent about the deal and have pushed off making a final decision for six days.
The stalemate continued today, when the item was tabled yet again on concerns about the short window in which the council had to act. A representative from Trustmark said that the bank would continuing servicing the city under its existing contract until a new agreement is in place.
After what were at times terse exchanges the mayor and members of his staff and city council members, Yarber said he didn't want to extend the Trustmark contract. His administration previously said that pushing the decision into the new year could disrupt some of the city's business.
However, the item was tabled until the next regular meeting on Dec. 30 at 10 a.m.
In other council business, the city's legislative agenda items were each approved with a few minor revisions, including to ask for $1 million to support the Jackson Zoo instead of $500,000. The city is also considering hiring Worth Thomas as its lobbyist. The mayor's previous nomination of Hayes Dent Strategies was unsuccessful.
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