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Treasurer reports steady interest, moves $5M to money market as cash flow sits at $7.2M
Summary
Treasurer Colleen Kennedy told the Finance Committee that interest earnings remain steady, interest rates are expected to 'either remain the same or increase,' and $5 million was transferred from the General Fund to a money market account with about $7.2 million in cash flow available.
Treasurer Colleen Kennedy told the Centre County Finance Committee on June 25 that interest earnings for May remain steady and that interest rates are expected to "either remain the same or increase." She said the county transferred $5 million from the General Fund to a money market account and that cash flow totals roughly $7.2 million, creating an opportunity to move additional funds into the money market.
Kennedy presented the report as part of the treasury update and did not seek committee action; the remarks were informational and intended to give the committee an overview of short-term cash-management options given prevailing interest-rate expectations.
