Prager filed with for dissolution with FINRA last month and Dallas, Texas-based HilltopSecurities stepped in to snap up the bankers in a move that will bolster its East and West Coast muni presence.
Hilltop Securities Inc. today announced the addition of 12 investment bankers to its Public Finance division in New York City, San Francisco, and Sherman Oaks, California. The team includes Fred. | January 3, 2023
Garden City Commission declares financial emergency
The Garden City Commission declared a financial emergency at its regular meeting Tuesday.
Melinda Hitz, Garden City finance director, said the cash balance of the electric fund is low, sitting around $100,000, when typically the balance is between $4 million and $5 million.
There is a reserve fund that has a little over $4 million, but the operating fund is concerning, Hitz said.
Mike Muirhead, Public Utilities director, said the fund is low for several reasons.
First, retail and commercial sales are down approximately $1.75 million from projected utility costs due to the COVID-19 pandemic.
Second, there were two planned events: an asset purchase agreement and a terminated contract.