Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Treasurer asks council to assume lower CD rates; council amends rate to 3.75%
Summary
Treasurer Tracey McCay told the council the Pokagon Fund balance is unchanged and proposed lowering the assumed CD rate from 4% to 3.75% to reflect market declines; the council approved the amendment 5–0.
Treasurer Tracey McCay reported no new statement from the Pokagon Fund, leaving the balance at $43,329. She asked the council to amend the assumed CD rate from 4% to 3.75% to reflect falling market rates and allow prudent decisions as certificates mature. Tim McCarthy moved the amendment, Nancy Thill seconded, and the council approved the change on a 5–0 roll-call vote.
McCay said a few CDs are maturing and lowering the assumption will help guide reinvestment decisions. The minutes do not list exact maturities or which CDs will be reinvested.
