Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Winter Endowment topic
No spam. Unsubscribe anytime.
Owensville aldermen approve Winter Endowment investment with Truman Heartland
Summary
The Board approved investing the Winter Endowment with Truman Heartland Community Foundation after a presentation from financial advisor Matt Knehans; the City Administrator was authorized to work with the advisor on timing without returning to the Board.
The Owensville Board of Aldermen voted April 7 to invest the Winter Endowment with the Truman Heartland Community Foundation following a presentation by financial advisor Matt Knehans. The motion, made by Alderman Lahmeyer and seconded by Alderman Bohl, "carried without dissent," and the Board also authorized City Administrator Randy Blaske to work with Knehans to determine the appropriate timing to move the funds.
Knehans recommended the American Balanced fund as a starting point and described the proposed allocation as approximately one-third in bonds and CDs and two-thirds in stocks; he said the foundation "does not take risks, they do what they say." He advised leaving the money in the FSCB money market account for the moment, citing the current FSCB annual yield of 2.79% and noting that Goldman Sachs's money-market rate was about 4.07%, which he did not recommend at present. The Board directed the administrator to proceed with implementing the approved investment strategy at a time the administrator and advisor deem appropriate.
