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Treasurer says Norwich earned $3.4M in interest last year, plans STIF sweeps and tighter AP timing
Summary
The treasurer told the council the city earned about $3.4 million in interest last year and described shifting idle balances into the Connecticut State Short‑Term Investment Fund (STIF) and daily sweep accounts to increase returns; council also reviewed bank changes and asked about STIF transparency.
Norwich's treasurer reported a stronger‑than‑expected year for investment income and outlined steps to keep more public funds working rather than idle.
The treasurer told council members the city "did around 3,400,000 in earned interest last year" against a target of about $2.6 million and said the city expects to remain over budget for interest this year. He described moving four…
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