Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, June 28, 1995 TAG: 9506290036
SECTION: CURRENT PAGE: NRV-8 EDITION: NEW RIVER VALLEY
SOURCE:
DATELINE: PULASKI LENGTH: Medium
Pulaski Finance Director Max Beyer told the committee Tuesday the four-page policy would provide a consistent way to increase investment interest.
Some of the town's temporarily idle money will be invested with the state-run Local Government Investment Pool, which offers tight control and little risk, Beyer said.
Money such as that in the town's Urban Development Action Grant fund, earmarked for economic development, could be placed in longer-term investments with higher yields depending on the need for business loans from that fund.
Finance Committee Chairman W.H. "Rocky" Schrader said the town wants to invest as much of its money as possible locally, even if there is a better rate elsewhere. "If it gets to be a huge margin, sure, we don't want to be stupid," he said, but for a difference of something like a half-point in the rate, the preference would be to stay local.
Council wanted Beyer to make the investment policy one of his first priorities when he started this job a few months ago. There was some concern that the town was not getting as much interest as it could on its investments.
The next council meeting would be at 7 p.m. July 18, unless a special meeting is called. Council will not hold its regular first Tuesday of the month meeting because it falls on the July 4 holiday.
Assistant Finance Director Anita Taylor said new computer equipment is being installed in the finance office and employees are being trained in its use.
- New River Valley bureau
by CNB