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Pownal board approves placing $70,000 of cemetery perpetual‑care funds into 6‑month CD
Summary
The Select Board authorized Treasurer Rebecca Taylor‑Chase to invest $70,000 from the cemetery perpetual care fund in a six‑month certificate of deposit at Franklin Savings Bank; the administrator will report back in the fall on performance and next steps.
The Town of Pownal Select Board on June 9 authorized the treasurer to invest $70,000 from the cemetery perpetual care fund in a six‑month certificate of deposit at Franklin Savings Bank. The motion by Selectperson Andy O'Brien, seconded by Selectperson Kate Day, passed unanimously, 3–0.
Town Administrator Rebecca Taylor‑Chase told the board that the Select Board had adopted an investment policy last year and the cemetery commission agreed to begin by moving $70,000 of perpetual care money into a CD. Taylor‑Chase said the CD carries no monthly maintenance fees and was selected as a short‑term, low‑risk municipal option; she added the slightly higher rate was the reason the town chose a CD for a six‑month term. "I will report in the fall how the fund is doing so we can discuss further investments with the Capital Reserve Account and the Unassigned Fund account," Taylor‑Chase said.
Chair Jon Morris and Selectperson O'Brien indicated the board prefers to begin conservatively and review additional investment options later. The authorization enables the treasurer to open the account and execute paperwork; Taylor‑Chase said she will present an update at a future meeting on earnings and proposed next steps.
The motion to authorize the investment was made and voted during the New Business portion of the meeting; the board approved the paperwork 3–0.
