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Council approves $500,000 pilot move to Wildstar investment account
Summary
Council members agreed to move $500,000 from the town's general fund to a Wildstar investment account to seek higher returns (Wildstar quoted ~4%). The council emphasized testing with a partial transfer and retaining liquidity.
Council members discussed transferring $500,000 from the town’s general fund at First Bank into a Wildstar investment account that the presenter said offers roughly 4% returns while remaining liquid and guaranteed. Officials framed the move as a trial: spread risk, retain a municipal cash buffer, and evaluate performance before committing more funds.
The treasurer and members stressed diversification and not moving all reserves at once because of deposit-insurance limits and institutional risk. After discussion about interest rates, liquidity and protections, the council agreed to create the Wildstar account and move $500,000 in the new fiscal year. The council recorded the decision in discussion but the transcript does not show an ordinance or formal roll-call vote in the provided text; staff were directed to include the action in meeting minutes and agenda for implementation.
The council also asked staff to monitor the account’s performance and consider future incremental transfers only after evaluating outcomes.
