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Why send city banking business away?

Date published: 11/24/2013

Why send city banking business away?

Now that the city treasurer's election has been decided, and the winner, Brenda Wood, has thanked her supporters ["Thanks to the 'Burg for the vote of confidence," Nov. 14], perhaps Ms. Wood will explain why she and Jim Haney moved the city's banking out of the city.

City Council was notified and discussed the issue, and asked city manager Bev Cameron why this happened.

Apparently, the city manager said it wasn't any of his business since the treasurer is independently elected under the authority of the state constitution. A request for proposals was issued by the treasurer's office and it selected a bank elsewhere.

I and others would like to know the details. It could have negotiated with the city's banks for better rates or whatever the problems were. Was there any indication of that being done? Having the city's banking done in the city means jobs and money for Fredericksburg. The cash flow is sizable. Our unemployment rate is sizable.

George Beddoe