MANSFIELD — Kelly Blankenship would like the City of Mansfield’s money to make more money.
That’s why the city’s new finance director is asking City Council on Tuesday evening to consider an updated investment policy that is more in line with state investment guidelines.
Blankenship said the current city investment policy is more restrictive than Ohio’s rules and would like the ability to invest up to 40 percent of the city’s investments in “commercial paper.”
These are shorter-term investments in private companies, likely no longer than 270 days, that pay a higher rate of interest then low-yield treasury bonds and other longer-term investments, Blankenship said.
“Right now, that is costing us money in this economy with interest rates what they are,” said Blankenship, who took office a month ago.
“When you are talking about millions of dollars, that’s significant,” she said. “The policy we are asking City Council to consider is in line with what the state allows us to do and it will allow us to take advantage of opportunities we are currently not taking advantage of.”
As the city’s finance director, Blankenship is the chief fiscal officer of the city. She is tasked with collecting all taxes, assessments and monies due and also disbursing funds as authorized, selecting depositories and investing city funds.
“One of my duties is to seek all opportunities to increase revenue for the city. In the area of investments, it’s prudent to have your funds earning as much interest as possible while balancing maturity and diversity. This investment policy will allow the city to maximize interest earnings in this current economy,” she said.
The city’s policy was adopted in 1994 and amended in 1999, 2003, 2012 and 2013. The latest amendment came after former Finance Director Linn Steward took office in 2012.
Blankenship, who replaced Steward in January, said her office plans to work with advisers from Meeder Investment, which has worked with local governments around the state for 30 years, according to its website.
“Meeder is one of the largest (investment firms) in the state. I am very confident in their team to vett companies for us. They have high standards for companies in which they would allow their clients to invest,” she said.
“I have full faith in our advisers not to suggest we invest in a company which cannot repay it,” Blankenship said.
A vote on the proposed investment policy change is not scheduled until March 20. But timing is essential, according to Blankenship.
“We fully anticipate the Fed will drop (interest) rates later in the year. Now is the time to take advantage of the higher rates available if you want your money to make more money for you,” she said.
In other scheduled activity Tuesday:
— Members of Boy Scout Troop 121 from Mansfield will visit council and will lead in the Pledge of Allegiance.
— Council is expected to vote on the reappointment of Al Berger and Dennis Atkeson to the Airport and Aviation Commission for additional four-year terms.
— Council is expected to vote on the renewal of an annual software maintenance agreement with Superion LLC, a CentralSquare company, for $102,275.82. The company provides a software suite that consists of computer-aided dispatch, records management system, automatic vehicle location and mobile computer terminals for the police department.
— Council is expected to vote to retitle a case coordinator position in the Law Director’s office and create a position of deputy court administrator in the Municipal Court.
— A public affairs committee is scheduled for 6:40 p.m. Council caucus is set to begin at 7 p.m. with the legislative session following immediately thereafter.
All meetings are open to the public at the Mansfield City Building, 30 N. Diamond St. Park
by the police department in the parking lot on the corner of Adams and Third streets, and take the elevator to council chambers on the third floor.
The public can view committee meetings, caucus and legislative sessions via Livestream on the City of Mansfield’s Facebook page link. — https://www.facebook.com/cityofmansfieldoh/
It’s also available on the city’s website at http://www.ci.mansfield.oh.us/.
(Below is a PDF showing the Mansfield City Council agenda and scheduled legislation for Tuesday evening.)