Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Portage officials detail proposed investment-policy changes and new cash-management practice that generated $1.23 million
Summary
City staff outlined proposed amendments to the Portage investment policy under Michigan Public Act 20 and described a cash-management tactic — weekly remittances to levying entities in exchange for retaining interest — that produced about $1.23 million in additional revenue over two years and an unaudited $600,000 in annual interest income.
Portage officials presented proposed changes to the city's investment policy and described a cash-management practice that officials said has produced meaningful new revenue for the city.
At the Sept. 9 council meeting Deputy Director Taylor (Treasury and Revenue) reviewed the city's governing statute, Michigan Public Act 20, and the permissible investment vehicles it allows, including U.S. Treasuries, agency securities, insured certificates of deposit, short-term top-rated commercial paper and eligible mutual funds or investment pools. Taylor said the city's…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
