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Authority opts to leave funds in Class Account as PLGIT rates lag; chairman named PMAA voting delegate
Summary
Finance staff said PLGIT CDs yield 4.15% while the Authority earns 4.3% in its Class Account; the board agreed to keep funds in the Class Account. Chairman Greg Clifford was appointed the PMAA voting delegate.
Director Melissa Wolfe told the board the current PLGIT CD rate is 4.15%, while the Authority is earning 4.3% in its Class Account; she recommended the board keep money in the Class Account until PLGIT or CD rates rise, and the board agreed.
Separately, the board appointed Chairman Greg Clifford as the voting delegate to the Pennsylvania Municipal Authorities Association (PMAA) Annual Conference and Tradeshow. The motion to appoint Clifford was recorded as moved by Dave Johnson and seconded by Curt Heakins; the motion carried.
