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EDC review shows $772,750 in checking; members urge moving idle funds into interest-bearing account
Summary
In reviewing year-to-date actuals, the presenter reported $772,750 sitting in checking as of Dec. 31; the board asked staff to return with recommendations about how much to keep as working cash and whether to move funds into TexStar or CDs to earn yield.
During the Jan. 22 meeting, the board reviewed the EDC financial report and a presenter (S3) reported account balances and raised a question about idle funds.
"We have, as of December 31, $772,750 in in the checking," the presenter said, and suggested the board add an agenda item to consider moving some of those funds into higher-yield vehicles rather than leaving a large balance in a non-interest-bearing account. Members discussed liquidity needs and agreed staff should recommend how much should remain in working cash and provide options such as TexStar or renewing CDs.
The board directed staff to add the item to the next meeting's agenda and to prepare a recommendation on target working cash and investment options.
Why it matters: Moving idle public funds into short-term investment vehicles can increase revenue for local programs; the board requested concrete figures and a plan for monitoring liquidity.
