CEPD adjusts finances to tap high interest rates

By TIFFANY REPECKI

trepecki@breezenewspapers co

T h e C a p t i v a E r o s i o

Prevention District's commission recently approved moving its operating funds into a higher yielding account at a different bank to take advantage of the increased intere rates

At a special meeting on May 17, h ommissioners voted 4-0 on a tion to move the general and a p i t a l f u n d s f o r t h e C E P D from the Bank of the Islands to Fifth Third Bank A minimum of $100,000 or three months of operating expenses will be maintained in the new ccounts, which will be set up er a money market account that currently offers about 4 68% interest.

Staff was also directed to keep some funds in the old accounts for upcoming uncleared payments

Prior to the vote, Executive Director Daniel Munt provided the commission with a brief overview of the CEPD's finances He reported that the general fund has a balance of about $742,740 and $30,000 in recurring monthly expenses The capital fund has about $485,972 with