Written by Kathy Olivarez Friday, 08 July 2011 09:43
MISSION — Because the City of Mission’s funds that are currently invested in CD’s with TEXPOOL and in money market accounts are currently giving low interest rates, the Mission City Council voted in the June 27 meeting to make changes.
In March, the city asked for information from banks and security companies that might have higher yields.
Finance Director Janie Flores said the city needs to meet necessary cash flow needs, increase earnings on its investments and ensure that all funds are secured. Flores said at least three qualified broker/dealers would be maintained to assure competitive bidding.