Investments up slightly for township

Township Treasurer Paul Brown presented the 2016 Fourth Quarterly Investment Report at the Feb. 7 Independence Township Board meeting. During that quarter, the township had a small increase in investment opportunities.
Independence Township has a portfolio value of $33,444,546. Of the portfolio holdings, 43 percent are invested in Federal Agency issues, 24 percent in checking/savings accounts, 15 percent in Government Investment Pools, 13 percent in the Michigan Government Bond, and five percent in Certificate of Deposits/Certificate of Deposit Account Registry Service.
The Federal Reserve recently approved the first rate increase of 2016. The impact will be evaluated in the first quarter, Brown said.
In the meeting’s consent agenda, which was unanimously passed, the Community Development Block Grant (CDBG) was also amended.
There was an error on page two of the grant’s Public Service Contract for PY2015 between Clarkston Area Youth Assistance and the Charter Township of Independence. The contract was originally approved at the board’s Jan. 12 meeting. The board received notice of the error on Jan. 23.
The error gave $315 per youth instead of $320 to a camping program in Clarkston’s Youth Assistance. The error had to be corrected before the release of the CDBG funds.
– Jessica Steeley

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