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August 15, 2012 - Village investment portfolio report

A summery of investments was approved at the Aug. 13 Village Council Meeting.

The overall interest rate increased slightly due mainly to an increase in earning on Oakland County Local Governmental Investment Pool funds. Average interest was .5 percent for all investments on June. This was a .05 percent increase from December 2011. The federal reserve made no move on the federal funds rate of 0 to .25 percent level.

The overall investment balances decreased by around $50,000 from the Dec. 31, 2011 summary. During that period, the village made payments toward the Streetscape Project of over $344,000 and received a refund for damages from the same project of nearly $71,000. All major Streetscape Project payments are now complete.

With the completion of the Streetscape Project and the increase in tax revenue due to the higher millage rate, the Village anticipates that investment levels will stabilize. The FDIC coverage on June 20 was $2,547,731 or 78.5 percent of total investments.

The action before the council was to receive and file the investment portfolio report, which they did as part of the consent agenda.

Workers' compensation fund

The village presented the council with the background and qualifications of candidates for the Board of Trustees election for the Michigan Municipal Workers' Compensation Fund.

There are five candidates and five positions to be filled. In the past the council has designated the administration to cast the ballot for the nominees listed on the report.

As part of the consent agenda, the Village authorized the Village Clerk to cast the Village's ballot for the five nominees listed and then return it to the Michigan Municipal League.

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