Cleveland Town Board 9-12-2022 - Need to Name School Street Park and May Reinvest Town Money
Cleveland town commissioners met tonight 9-12-2022 for the monthly town board meeting. All commissioners were present, The mayor was at the beach. Brent Parks (who previously worked on audits for the town) and Brandon Rogers were at the town board meeting to discuss investing town funds. They said that there is a "window of opportunity" right now to invest in government bills and notes for higher interest rates. The government has been raising interest rates to stop or slow down inflation, so people (and towns) with extra money can invest now and take advantage of those higher rates per Parks and Rogers. Parks/Rogers said the current government interest rate is 3.37% with it changing every 90 days. They estimated that Cleveland could greatly increase interest with a ladder strategy with funds rolling over in a staggered manner for a year and get an estimated 2.75% return for staying invested for two years. Investing in this way for only one year would not be as lucrative