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Township finance review recommends active investment strategy, cross‑training to reduce silos
Summary
Township staff presented a strategic review of finance operations recommending cross‑training, fuller use of Tyler Technologies, consolidation of brokerages and a more active investment posture (including opening a STAR Ohio account) while noting statutory limits on permissible instruments.
Lisa (introduced at the meeting as one of the presenters) summarized a strategic review of West Chester Township's finance operations following a leadership change and proposed operational and investment changes to increase returns while preserving liquidity.
"We do have a very talented and dedicated finance team," Lisa said, while urging changes to reduce silos and improve continuity through cross‑training. She outlined recommendations for mapping processes, expanding staff development and using existing software (Tyler Technologies) to remove redundancies and automate workflows.
On investments, Lisa recommended a more active approach to improve returns and better oversight of maturity schedules. She said the township has historically followed a passive approach via brokers and that the new direction would include approving investment decisions before transactions execute and considering a STAR Ohio account for liquidity and higher returns.
Michelle, described in the meeting as a consultant serving as interim finance director, clarified the legal constraints on township investments under Ohio law: permissible vehicles are limited and typically include federal securities and agency obligations. "We're only allowed to buy federal securities... Fannie Mae, Freddie Mac, treasury bonds," Michelle said, adding that Star Ohio provides pooled brokered CDs that offer instant liquidity while yielding better returns than a standard savings account.
Trustees asked about the number of brokerage accounts and fees. Staff said the township currently uses multiple brokers and that consolidating to a single investment partner could reduce fees and oversight complexity. Lisa said more active internal oversight would allow trustees and staff to question low‑return purchases and align investments with market conditions.
Staff emphasized that changes would be implemented within legal limits to maintain safety and liquidity and said the goal was to use investment income to fund non‑core community priorities—parks, events and the West Chester Baseball Complex—without raising property taxes. The board accepted the report and had no immediate objections to the proposed approach; staff will bring further recommendations and a plan for execution to future meetings.
