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Budget committee asks where Springfield’s reserves are invested; staff cites government pools and U.S. Treasuries, says bitcoin not in policy
Summary
Committee members pressed staff on what comprises the city’s ‘‘other financing sources,’’ where reserves are invested, and whether nontraditional assets like Bitcoin are considered. Staff said reserves are largely held in state/local government investment pools and U.S. Treasuries; the investment policy does not include cryptocurrencies.
During Budget Committee deliberations, members asked staff to clarify several elements of the proposed budget related to large, sometimes opaque, revenue categories and reserve investment.
Arthur Ayre asked about the budget line ‘‘other financing sources’’ (category 49) and staff said the item largely reflects interfund transfers and beginning cash balances carried forward each year. Finance staff said the largest components are interfund transfers and beginning cash—transfers that move money…
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