Fort Dodge officials tried to reassure concerned residents Monday evening that the national economic mess won't bankrupt the city and leave its residents without essential services.
Penny Clayton, the city clerk and finance director, said the local government hasn't lost any money in the current financial meltdown.
She reported that the city has $14.6 million in reserves.
She said 38 percent of that money is in savings accounts, 28 percent is in federally backed securities, 12 percent is in certificates of deposit, 11 percent is in checking accounts and another 11 percent is in the Iowa Public Agency Investment Trust.
According to Clayton, state law requires cities to make low-risk investments.
City Manager David Fierke tried to offer some additional reassurance, saying that Moody's Investors Service has given the city an A1 rating. He said that's the ''best rating for a government of our size.''
But for people exposed to regular reports of investment earnings disappearing seemingly overnight, the situation still seems ominous.
Former Councilman Doug Laird and Jim Koll both asked the Council to delay any new spending.
''We don't know where the stock market is going,'' Laird said. ''We don't know where the country is going.''
Later in the meeting, Councilman Don Wilson cited similar economic concerns when he voted against buying property at Fifth Avenue South and 17th Street for future redevelopment.
Contact Bill Shea at (515) 573-2141 or bshea@messengernews.net