Council discusses moving CDs into Techstar account; decides to wait for treasurer
Council compared local CD rates (about 3.3%) with Techstar (reported 3.6%) and agreed to defer any transfers until a treasurer is in place and until the next CD matures in July.
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Under agenda item I, council members compared current yields on local certificates of deposit and a Techstar account. Staff noted the city has four CDs with an average yield of roughly 3.3% and that Techstar was quoted at about 3.6%. The treasurer or investment officer is the person authorized to close CDs and reinvest funds, so several council members recommended deferring any transfers until a newly appointed treasurer can act on the city's behalf.
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