Forks Township moves $1.25M into short-term CD, creates PLGIT Prime accounts for reserves

Dean Turner, chairman of the Forks Township Board of Supervisors, moved an agenda amendment so the board could consider investments while Director of Finance Kacee Stout was present.

Kacee Stout reported revenues at 61% of anticipated and expenditures at 45% of budgeted levels and recommended moving three CDs into PLGIT Term or Prime for better rates. Following discussion, the board unanimously agreed (with John O’Neil recorded as absent) to create a Sewer Tap-In Fund PLGIT Prime account and a Fire Tax Fund PLGIT Prime account.

The board then approved a package of transfers to PLGIT: “Transfer $1.25M from the General Fund at Unity to the General Reserve Account at PLGIT to invest in a 7-month Term CD at 4.01%,” and smaller moves including $700,000 from the Sewer Tap-In Fund, $500,000 from the Utility Fund, and $150,430.74 from the Fire Tax Fund into PLGIT Prime accounts. The motion to approve the transfers passed on a roll-call vote (A. Blum, T. Corallo, D. Hughes, D. Turner = yes; J. O’Neil = absent).

Board members said the changes were driven by improving interest rates and a desire to consolidate reserve accounts for easier cash management. No public comment was made specifically on the transfers. The finance director indicated department heads received budget worksheets for preliminary numbers and that most unpaid sewer and trash claims are with collection firm Portnoff.

The council did not authorize any new long-term borrowing and maintained existing policy limits; the township’s outstanding debt was stated elsewhere in the meeting as $688,000.