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Clifton council approves $900,000 short-term CD investment at 4%
Summary
The Town Council voted 6-0 to invest $900,000 of town funds in a 13-month certificate of deposit at 4%, keeping roughly $200,000 in a money market account and about $29,000 in checking, conditioned on the CD being divisible into multiple smaller accounts.
The Clifton Town Council voted unanimously Feb. 7 to invest $900,000 of municipal funds in a 13-month certificate of deposit at an interest rate of 4%, with approximately $200,000 left in the town’s super money market account and about $29,000 retained in checking. Mayor Bill Hollaway moved the investment and Councilmember Darrell Poe seconded; the motion passed by poll, 6-0.
Nick Orrison, the town treasurer, said the December treasurer’s report will be reviewed at the March meeting and that the January report would be submitted separately for review. Council members attached a condition to the investment: the treasurer must confirm the $900,000 can be placed into multiple smaller CDs rather than a single large CD.
The decision follows the council’s routine review of cash management options. The council took no other actions that would change the town’s overall budget at the meeting.
