Lansford to invest funds

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Published July 13. 2024 07:36AM

Lansford Borough Council wants to invest some of its unused funds to earn money for the borough.

However, they disagreed on where to invest the funds during a meeting Wednesday night.

Councilwoman Michele Bartek wanted to place funds in a 12-month Certificate of Deposit, or CD, earning 4.7% at Community Bank, which has a presence in Lansford.

Council President Bruce Markovich pointed out that the Pennsylvania Local Government Investment Trust, or PLGIT, is offering 5.7% on 12-month CDs, which would earn more money for taxpayers.

Council members said they were waiting for a proposal from another bank, and have been waiting for months. Council started looking at options since at least April.

Bartek wasn’t sure about PLGIT, and thought the borough should go with a local bank that works with the community.

Markovich suggested Bartek wanted to use the local bank, which was offering a lower interest rate and making less money for the borough because it supports her charitable event.

Council members suggested that they diversify, and place money in more than one bank or financial institution.

Markovich said Bartek should see if Community Bank would match the rate offered by PLGIT. Bartek said she would check.

Council did not act on investing the funds, and deferred the action to its next meeting.

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