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Finance director recommends investing $5 million to MILAF at about 4.28% while holding three months cash
Summary
Jennifer McKay recommended placing $5 million of general-fund dollars in the MILAF account for a higher yield (quoted 4.28%) while retaining roughly three months of expected outflows in the Huntington Bank account to avoid cash disruptions when state aid is delayed.
Jennifer McKay told the Board she recommends investing $5,000,000 of general-fund reserves into the MILAF account to achieve a higher return (quoted in the presentation as 4.28 percent), while holding back approximately three months of expected outflows in the Huntington Bank account to ensure operations are not disrupted during periods without state-aid receipts.
McKay framed the recommendation as a cash-management move to balance yield against liquidity needs; she said formal action on investments will be on the March 20 agenda. The informational meeting included the recommendation but no vote.
