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Salem supervisors move $1 million to a CD, lift card limits and authorize VFD disbursements
Summary
Supervisors authorized transfer of $1,000,000 to a 3-month CD to capture higher rates, increased the township Mastercard aggregate limit to $20,000 across three users, and approved a $60,000 disbursement split between two volunteer fire companies; they also authorized advertising for an Assistant Secretary-Treasurer.
At their Jan. 21 meeting, Salem Township supervisors moved $1,000,000 from the General Fund into a 3-month certificate of deposit to take advantage of higher CD rates, increased the First Commonwealth Bank Mastercard limit to a $20,000 aggregate with split limits for three users, and approved a $60,000 disbursement to local volunteer fire companies.
The board voted unanimously to transfer $1,000,000 from the General Fund into a new 3-month CD after noting money-market yields had fallen from 2.85% to 1% while CD rates exceeded 3%. Supervisors also voted to raise the MasterCard maximum from $10,000 to $20,000 split among the Secretary-Treasurer ($10,000), Todd Paulich ($8,000) and Kerry Jobe ($2,000). The board approved a $60,000 disbursement for 2025 to be split equally between Forbes Road Volunteer Fire Department and Slickville Volunteer Fire Department; minutes indicate this disbursement was an oversight that ordinarily would have been considered in November or December.
Supervisors also authorized advertising for a part-time or full-time Assistant Secretary-Treasurer to fill a vacancy and discussed that the secretary needs assistance to process payroll during absences. The motions passed unanimously.
