Tusayan Not Losing Money on CD’s

There has been some concern about the value of some $3.5 million the town of Tusayan is holding in certificates of deposit. Paperwork appeared to show a loss of $19,000. According to the town’s investment broker, Aaron Bonk, the negative fluctuations reflect an increase in interest rates and do not represent an actual loss. As long as the town does not cash in the CD’s early, those CD’s will retain their value and earn 1.5% interest. After getting that update, Mayor Craig Sanderson said, “I am comfortable with the method we are using.” He said keeping the m

oney in CD’s is far better than letting the funds sit in a bank. There should not be any need to sell off any CD’s as the town has an additional $8 million in a traditional checking and savings account, which should be enough money to cover immediate expenses that could be used for affordable housing or broadband.

New Carpet Concerns

In other council news, Councilmember Al Montoya expressed concern about the town spending more than $12,000 on new carpet for Town Hall. Carpet tiles will replace what is currently in use. Montoya noted the actual total would be about $7 per square foot including installation. He said, “We are paying a large amount of money for less than 2,000 square feet.” 

Liquor License

On February 1^st the council also approved new liquor licenses for the Squire Inn. The licenses reflect a change in management because of Greg Bryan’s retirement and a change in ownership because one of the owners passed away last year.