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Waynesville staff proposes moving $5 million general fund into higher-yield STAR account
Summary
Staff reported the village has $5 million in the general fund and suggested transferring those funds from a SWEEP account earning about 2% into a STAR account earning about 4% to increase interest income; no transfer motion was recorded at the meeting.
Jamie Morley told the Finance Committee that the village's general fund balance stands at $5 million and suggested reallocating those funds from the SWEEP account into the STAR account to capture a higher yield. The recommendation was framed as a cash-management decision to increase interest earnings for the village.
Ms. Morley said the STAR account is earning 4% compared with the SWEEP account's 2%. The committee discussed the suggestion; no formal motion to move the funds was recorded in the meeting minutes, and any transfer would require follow-up administrative action and appropriate approvals.
