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Pegram tables $4.2 million LGIP transfer, schedules special meeting Oct. 10
Summary
Auditor John Poole recommended moving $4.2 million from the town's bank (0.2% interest) to the Local Government Investment Pool (5.27%); the board voted to table the transfer until a special called meeting Oct. 10, 2024.
Auditor John Poole told the Town of Pegram Board on Sept. 30 that the town could earn more interest by moving funds from its bank account (which he said yielded 0.2% last year) to the Local Government Investment Pool, which he cited at 5.27% interest. Poole said the town could transfer $4.2 million if the board approved the change.
Alderman Michael Paszek moved to table consideration of the Local Government Investment Pool transfer until a special called meeting on Oct. 10, 2024 at 7 p.m.; Vice Mayor Bob Sanders seconded the motion. The board voted unanimously among members present to table the item. The minutes record the motion to table and instruct staff to prepare a resolution for the special meeting.
The minutes do not record further details about the intended split of funds, possible liquidity implications, or whether the town would retain any funds at the bank; those implementation details were deferred to the special meeting. The proposal as stated in the minutes frames the change as a financial-management decision to seek higher interest; the board chose to defer final authorization to allow for a dedicated resolution and additional review.
