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Michiana treasurer amends CD rate to 3.75% and reports Pokagon Fund balance of $43,329
Summary
Treasurer Tracey McCay reported the Pokagon Fund balance remains $43,329 and the council approved a change to amend a CD rate from 4% to 3.75% to reflect falling market rates and maturing CDs.
Treasurer Tracey McCay told the council the village has not received a new statement from the Pokagon Fund, so the balance remains $43,329. She recommended amending a CD rate from 4% to 3.75% due to declining market rates and several CDs maturing; Tim McCarthy moved to amend the rate and Nancy Thill seconded; the council approved the amendment on a 5–0 roll call vote.
McCay did not specify which CDs will be reinvested at the new rate, but said the change would allow the treasurer more flexibility to make sound financial decisions as rates drop.
