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Treasurer reports Pokagon Fund balance; council lowers CD reinvestment rate to 3.75%
Summary
Treasurer Tracey McCay reported the Pokagon Fund balance remains $43,329 and the council approved changing a CD reinvestment rate from 4% to 3.75% to reflect market conditions.
Treasurer Tracey McCay told the council the Pokagon Fund statement had not arrived and the balance remains $43,329. To respond to declining market rates, McCay proposed changing the default CD reinvestment rate from 4% to 3.75% so staff can make prudent reinvestment decisions as CDs mature.
Tim McCarthy moved to amend the rate to 3.75% and Nancy Thill seconded; the motion passed by roll call 5-0. The change is an administrative direction to the treasurer to apply a new reinvestment rate when CDs mature.
