Pagosa Springs Mayor Don Volger appointed two council members, along with the town manager and town clerk, to serve on a subcommittee tasked with conducting research and making recommendations to the rest of the council concerning the best method for investing the town’s money.
“We have touched on this briefly before,” Town Manager Greg Schulte introduced the topic at Tuesday night’s meeting, “and I’m characterizing this as part two of our banking services revamp.”
Earlier this year, council decided to switch its banking services from Citizens Bank to First Southwest Bank of Colorado so that it could, according to Schulte, earn interest on its checking accounts.
“The town has maintained several certificates of deposit (CDs) over the years,” Schulte clarified, “and that has been invested from two sources — the general fund and the sanitation fund.”
Schulte characterized the town’s investment strategy up to this point as “passive.” In other words, as the terms for the CDs have matured, the town has just allowed them to roll over for another period of time.