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New finance chief outlines district investment strategy and reports $2.3M earned since 2022 transition to NYCLASS
Summary
Assistant Superintendent Will Herman reviewed Mineola's switch to NYCLASS for short-term investments, reporting roughly $764,000 earned in 2022–23, $1.5 million in 2023–24 and about $2.3 million total since November 2022; he recommended continued participation while cautioning returns will follow market rates.
Will Herman, the district’s assistant superintendent for business and operations, presented an overview of Mineola’s investment strategy and performance after the district’s November 2022 transition from TD Bank to NYCLASS.
Herman said NYCLASS (a New York local government cooperative liquid asset pool) offers liquidity and market-based interest; he described the portfolio composition and fees and stressed that the vehicle is designed for municipal reporting…
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