By DAVE SCHULTZ
The Bluffton Common Council made several moves concerning city investments Tuesday after hearing a presentation from the state-sponsored TrustINdiana program.
Cindy Barger, TrustINdiana’s director, pointed out the advantages of the program, which is now up to $2.5 billion in assets. It invests money from public entities — and only public entities — such as county and city governments, schools, and libraries.
Money placed with the fund is 100 percent liquid, she said. “You can put it in today and take it out tomorrow,” she said.
The rates also track with the Federal Reserve’s rates, which have been going up in an effort to combat inflation.
Barger’s presentation followed a proposal from the municipal financial firm of BakerTilly to pursue what was called a “more aggressive” manner of municipal investing. The firm will use the city’s cash reserves and others to look for favorable investment opportunities throughout the state.
BakerTilly, like TrustINdiana, is limited to what it can invest in. BakerTilly’s approach is seen as more wide-ranging; as it could invest funds in TrustINdiana and elsewhere.
The council eventually made possible longer-term investments, which will allow it to work with BakerTilly. That required approval of an ordinance, which was approved on first reading.
The council approved what is called a “general engagement letter” with BakreTilly.
In other business:
• The council approved an agreement with Wells County Economic Development.
• Mike Lautzenheiser presented the annual report of the Bluffton NOW! organization.
• Signed a financial analysis agreement with a company regarding a fire territory. The agreement includes three public hearings.
• Approved three agreements concerning closing out the former water treatment plant, planning for a stormwater utility, and identifying lead and copper water lines within the city.
daves@news-banner.com
