Where Has the Treasurer Invested $75.9 Million of Clinton Township Funds?

It is the responsibility of the Clinton Township treasurer to oversee the investment of approximately $75.9 million in township funds on an annual basis. So where has Treasurer William J. Sowerby elected to invest those monies this year?

As of Aug. 31, this year’s investments included some $41.1 million in bank deposits at five institutions. These deposits are money market demand accounts that generate interest-earning credit to offset the associated banking service fees and interest-bearing FDIC insured accounts.

Another $34.8 million is invested in what are called 2a7-like pool funds, more commonly known as public money market funds, across nine institutions. These funds posted an average earnings rate of .256 percent for the last quarter.

As the township needs to keep many of its assets in liquid form, so as to make regular bill payments, Sowerby said he has not invested any monies in long-term options such as securities or certificates of deposit (CDs).

This year’s investments have been split into 54 percent cash and 46 percent 2a7-like pool funds and are currently invested in the following institutions approved by the Clinton Township board of trustees:

• Chase
• Citizens Bank, Flint
• Comerica
• Fifth Third
• First State
• Flagstar
• Huntington National Bank
• MI CLASS
• MSG Credit Union
• The Private Bank
• Talmer Bank & Trust

The funds overseen directly by the treasurer do not include funds/money for the Public Employee Heath portfolio, Police & Fire Pension portfolio, Downtown Development Authority, Building Authority or Senior Housing security deposits which are overseen by independent boards and committees.