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Morgantown council approves consent agenda and votes to permit short‑term investments in state pooled fund
Summary
Council approved a five‑item consent agenda and unanimously passed a resolution authorizing limited city funds to be placed in the West Virginia Board of Treasury Investments consolidated fund (money‑market pool) to seek higher short‑term yields while maintaining liquidity.
MORGANTOWN, W.Va. — At its Dec. 2 meeting, Morgantown City Council approved a five‑item consent agenda and unanimously passed a resolution to allow certain short‑term city cash reserves to be invested in pooled funds managed by the West Virginia Board of Treasury Investments.
The consent agenda included two fiscal‑year budget revisions (Morgantown General Fund revision #3 and Capital Escrow Fund revision #4) and first readings of three lease ordinances for office space at the Morgantown Airport and a lease for the Morgantown History Museum at the historic post office. The consent agenda passed on a recorded roll‑call vote of 6–0.
Finance Director John Ferguson explained the proposed investment resolution, noting the city's existing money‑market accounts were averaging roughly 2.472% and that the West Virginia pooled money‑market fund was yielding about 4.144% on the day of the presentation. Ferguson said the plan was to move portions (not all) of three designated accounts — the financial stabilization fund, the HRM Park sinking fund and a portion of capital escrow — into the pooled money‑market account to improve yield while preserving principal and liquidity. He described statutory oversight of the state pooled funds and noted the state pool manages billions of dollars across many public accounts.
Councilors asked follow‑up questions about liquidity, the short‑term bond pool's restrictions, and statutory limits on investments; staff noted the bond pool has additional restrictions and that the resolution authorized access to three pools so the city would not need a new resolution to move funds among them in the future. The investment measure passed on a 6–0 roll‑call vote.
Other city business included an appointment to the Health and Wellness Committee (Katie Minor) approved by consensus and a city‑manager update on warming‑shelter preparations with Catholic Charities. Council later moved to enter executive session to consult with legal counsel on a privileged matter.
Vote at a glance: - Consent agenda (five items): Approved, vote 6–0. - Resolution authorizing investment authority in West Virginia Board of Treasury Investments consolidated fund: Approved, vote 6–0.
The council did not adopt any ordinances on final reading at the meeting.
