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Salem Township approves $4.5 million transfer to money market account
Summary
The Board approved moving $4.5 million from the General Fund into a money market account; a resident later asked about the account's interest rate and suggested a sweep account, which the Board said is reviewed at regular meetings.
Salem Township’s Board of Supervisors voted on April 28 to transfer $4,500,000 from the General Fund into a money market account. The motion was made by Vice-Chairman Steven Fraind, seconded by Road Master John Fogg Jr., and approved during the work session.
During the "For the Good of the Township" discussion, resident Malcolm Plevyak asked what interest rate the township was earning on the money market account. Manager Amy Evans told the meeting that the information was not available at the work session but that the Board reviews the rate at regular meetings. Plevyak suggested placing funds into a sweep account; the minutes record the suggestion but do not show a Board response beyond noting review at regular meetings.
The minutes do not state which financial institution holds the money market account, the current yield, or any planned changes to the township’s investment strategy. The Board’s transfer is recorded as an approved motion in the work-session minutes; no roll-call vote or further financial details are provided.
The township may discuss interest rates and account structure in a subsequent regular meeting, where the manager indicated the Board routinely reviews account performance.
