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Council tables decision on where to park city funds after comparison of Texas STAR and Logix rates
Summary
Staff compared two investment options; the Texas STAR reported rate was 4.2784% and Logix 4.4236% as of the morning of the meeting. Council asked for additional information and tabled the decision on selecting accounts.
Council reviewed recommendations on investment vehicles for city funds and decided to delay action pending additional details.
Staff provided a comparison of Texas STAR and Logix accounts, including example fees and recent rates. Chair read the morning rates: “Texas STAR rate as of this morning was 4.2784%, and the Logix as of this morning was 4.4236%.” Members noted differences in basis‑point fees and asked staff to verify the fee schedules and any transfer or account maintenance fees before choosing an account. A motion was made to table the matter until staff can confirm inconsistent basis‑point figures found in the materials.
Next steps: staff will confirm current rates and basis‑point fee schedules and return with a recommendation comparing net yields after fees.
