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Middletown approves moving accounts into state investment pool to boost interest revenue
Summary
The Burgess and Commissioners voted 6-0 to transfer several town accounts into the Maryland Local Government Investment Pool, projecting FY26 interest revenue to rise from $17,184.62 to $52,771.27; the Finance Officer recommended splitting the Truist Index account into three separate accounts.
The Burgess and Commissioners of Middletown voted unanimously Feb. 23 to move several town accounts into the Maryland Local Government Investment Pool (MLGIP) after the Finance Officer said the shift would significantly increase projected interest revenue.
The Finance Officer told the board that the town's current MLGIP account yields 4.2 percent. She recommended transferring the Truist Rainy Day Fund, the MVB Money Market account, and the Truist Index account (which funds PFAS/sludge removal and I&I work) into the MLGIP as individual accounts and splitting the Truist Index account into three separate accounts. She said projected FY26 interest revenue would rise from $17,184.62 if the accounts were left as is to $52,771.27 if they were moved to the MLGIP.
"The projected FY26 interest revenue if these accounts are left as is equates to $17,184.62. If moved to the MLGIP the projected FY26 interest revenue equates to $52,771.27," the Finance Officer reported.
Commissioner Jennifer Falcinelli moved to approve the recommended transfers; Commissioner Chris Goodman seconded. The motion passed 6-0, with Burgess John Miller and Commissioners Jennifer Falcinelli, Rick Dietrick, Kevin Stottlemyer, Larry Bussard and Chris Goodman voting in favor.
The Finance Officer outlined which accounts will be moved and how the Truist Index account will be divided; the board gave the Finance Officer authority to execute the transfers consistent with that direction. No public objections or further amendments to the motion were recorded.
Next steps: the Finance Officer will complete the administrative transfers to the MLGIP and monitor the accounts; the board did not record any conditions or follow-up reporting requirements during the meeting.
