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Ulen board reviews February finances and asks staff to vet Trust Indiana investment option
Summary
The Ulen board reviewed February financials — reporting receipts, disbursements and a month-end balance — and discussed moving funds to a local government investment pool called Trust Indiana; members asked staff to have a municipal advisor check the firm.
The Ulen board reviewed its February finances and discussed a possible change to where the town keeps short-term funds.
At the March meeting, the treasurer reported the February closeout, saying the month showed receipts noted in the record as “$12,71,” disbursements of about $4,500 and an end-of-month balance reported as $516,973. The treasurer also noted a certificate of deposit had rolled over and generated roughly $3,700 in interest.
Board members raised an alternative to locking funds in CDs: Trust Indiana, described in the discussion as a local government investment pool that reportedly offers higher rates and better liquidity. The treasurer said the town’s current money-market rate with its bank was about 3.2% and that Trust Indiana representatives were reported on a municipal forum to be offering higher returns. A board member suggested asking Chase Newsome or the municipal advisor Josh to investigate Trust Indiana and report back with details on rates, liquidity and any risks.
Why it matters: Where municipal cash is held affects both returns and access to funds for capital projects. The board’s direction to have staff or a municipal advisor vet the pool sets up a follow-up report that could lead to a change in custody or account type.
The meeting did not include a formal vote to move funds; members directed staff to gather more information and return with a recommendation.
