Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Admin topic
No spam. Unsubscribe anytime.
EDC moves funds into Texas CLASS account to earn higher interest, staff reports
Summary
EDC staff told the board that it opened a Texas CLASS account and moved funds into it to earn better interest than the checking account; staff said interest posts daily.
Susan, an EDC staff member, reported to the Economic Development Corporation that the EDC opened a Texas CLASS account and transferred funds into it to obtain higher interest earnings than the regular checking account.
The update matters for fiscal stewardship: moving operating funds to an interest-bearing public investment vehicle can increase returns on idle cash without changing day-to-day operations.
Susan told the board that the Texas CLASS account "draws a little bit better interest than just our regular, checking account" and that the account pays interest daily. The change followed an earlier board discussion about account consolidation and yield.
No formal vote accompanied the administrative update; staff included the new account balance information in the meeting packet and said she would continue to report account balances in future administrative reports.
The board had no further questions and the meeting moved on to the next item.
