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Port Deposit council authorizes treasurer to move up to $500,000 into certificates of deposit
Summary
At its Feb. 17 work session, the Port Deposit Town Council authorized Treasurer Patti Gray to transfer up to $500,000 from a low-yield money market into certificates of deposit or higher-yield money market accounts to improve returns; the motion passed unanimously among councilmembers present.
The Port Deposit Town Council voted Feb. 17 to allow Treasurer Patti Gray to move up to $500,000 into certificates of deposit and/or higher-yield money market accounts in order to improve returns on town funds.
Treasurer Patti Gray told the council the town currently holds about $754,000 in a PNC money market account earning roughly 0.01% interest. She presented options to shift funds into accounts at institutions such as Truist and APG Federal Credit Union and reviewed FDIC insurance limits and collateralization considerations, emphasizing the need to balance higher yields with maintaining liquidity.
Councilwoman Randa Thiele moved the authorization; Councilman Daniel Berlin seconded. The motion passed unanimously among councilmembers present. Deputy Mayor Kevin Brown, Councilman Daniel Berlin, and Councilwoman Randa Thiele were recorded as the council members in attendance for the open work session; Mayor Wayne Tome Jr. and Councilman Tom Knight were absent.
The action gives the treasurer discretion to select the specific accounts and amounts (up to $500,000 total) to maximize interest earnings while observing insurance and collateral rules. No specific institutions or rates were locked in at the meeting. The council did not attach additional restrictions or conditions when approving the transfer authority.
The town’s next procedural step is for Treasurer Gray to execute transfers consistent with the authorization and report back to the council as appropriate.
