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Wayne Board approves agenda; authorizes reserve investments in NJ ARM
Summary
The board voted to adopt the meeting agenda and approved placing capital and maintenance reserves into the New Jersey Asset and Rebate Management (NJ ARM) investment vehicle, which the board secretary described as yielding about 3.5%. The motion passed on roll call.
At the Feb. 19 meeting the Wayne Board of Education moved to adopt the agenda and approved an authorization to invest certain district reserve funds in the New Jersey Asset and Rebate Management (NJ ARM) program.
A board member asked for an explanation of the NJ ARM authorization. "It's an investment vehicle that allows public entities like our school, school districts and municipalities to invest funds in there, kinda like a money market for public entities," the board secretary explained. "They yield about 3 and a half percent, which is a lot better than what we're getting for TD Bank. So it was my recommendation to put our capital reserves, maintenance reserve, funds that we don't use on our daily operating to get some more interest and hopefully generate a little bit of revenue."
After discussion, the board took a roll-call vote. Members answering during the roll call included Missus Lomandry (yes), Mister Paul (yes), Mister Psakos (yes), Mister Agnes (yes), Mister Eloquine (yes), Mister Faber (yes), Mister Hayman (yes) and Mister Pavlak (yes). The motion carried.
The authorization as discussed was described as placing capital-reserve and maintenance-reserve funds into the NJ ARM program; the board did not specify dollar amounts or the precise accounts in the public exchange. No amendment or additional conditions were recorded on the public floor.
