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Shrewsbury finance staff proposes sweep account and reserve investments to boost interest income
Summary
Finance staff recommended moving to a nightly bank sweep, consolidating some investments to MOSIP and Edward Jones, and laddering CDs to increase interest income on the city's reserve fund.
Finance staff presented a proposal to the Board of Aldermen to change the city’s cash-management and investment structure to increase interest income on reserves.
Dustin told the board the city will move its primary checking to a Regions Bank sweep account that invests overnight and returns balances each morning, while preserving FDIC protections and bank-collateralization requirements. Dustin said the sweep could generate materially higher interest than the accounts currently earn: “If we did…
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