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Select Board accepts investment committee recommendation to keep matured funds in a money-market account
Summary
The board heard an investment report and accepted the committee’s recommendation to place recently matured funds in a money-market account yielding about 3.6%, citing flexibility while rates evolve; the board approved the motion unanimously.
At the March 19 meeting the West Bath Select Board heard from the investment committee about 2025 performance and reinvestment options. Mr. Kums reported the fund earned between about 4% and 4.4% last year and said the year-end balance was recorded in the meeting transcript as '71 $718,58.'
Because two-year rates are roughly comparable to the money-market yield but would require a longer lockup, the committee recommended placing the recently matured funds in a money-market account at roughly 3.6% to retain flexibility while the interest-rate environment develops. A board member moved to accept that recommendation, the motion was seconded, and the board approved it unanimously.
Board members also noted the committee voted not to include a warrant article this year for an annual $50,000 reimbursement that had funded the original program and discussed using available funds for short-term capital needs instead of tax-anticipation notes. The board requested routine reporting on investment performance and receipts.
