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Treasurer Recommends NYCLASS and Larger Per‑Bank Caps; PEG Funds Proposed for AV Upgrades
Summary
Treasurer Laura recommended adding NYCLASS as a depository and raising per‑institution caps to $15 million to better use idle post‑tax collections; staff also recommended PEG funds for wireless microphones and a camera to support public meetings and the village's access channel.
Laura told trustees she had reviewed NYCLASS and several other municipal liquidity options and recommended updating the village investment policy to include NYCLASS alongside Webster Bank. She said NYCLASS and Webster are offering competitive rates now, and proposed raising the existing Webster per‑institution cap from $5,000,000 to $15,000,000 so the village can move more idle funds into higher‑yield vehicles after tax collection.
"They are designed specifically for governments in New York State," Laura said of NYCLASS, and she explained the product offers FDIC‑insured repurchase agreements backed by collateral and monthly collateral statements for auditors. Laura said Chase should remain the village's operating bank because it holds credit‑card and day‑to‑day operational accounts, while NYCLASS and Webster could hold larger idle balances to earn higher returns.
On technology, staff described a PEG‑funded package to replace aging microphones and to add a camera for public‑access uses. Staff reported a vendor quote of $15,085 for wireless gooseneck and handheld microphones and said a camera quote is included in the meeting backup; a PEG‑attorney memo appended to the materials confirms the purchases are allowable uses of the PEG balance. Staff said the current PEG balance is sufficient to cover the request and recommended placing the purchase on the June 22 legislative agenda for formal approval.
Trustees asked routine operational questions about FDIC insurance caps, collateral reporting, and timing (post‑tax collection when reserves increase). Laura said NYCLASS and Webster do not require minimum balances, and collateral statements would be provided monthly.
