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Shift of Essa reserve funds proves beneficial
May 16, 2013 · 0 Comments
A shift of part of Essa township reserve funds to an investment bank has generated some positive returns for the township.
Township council meet at its last meeting with Ian Blair of Scotia Private Client Group to discuss the township’s portfolio.
With interest rates trending towards zero, council decided last year to shift $3,000,000 of the township’s reserves to the investment bank.
The township’s funds have been invested in Government of Canada and provincial securities along with some bank securities.
Blair said that the investment of the funds has taken some months but the township already has seen interest payment of over $12,000 and the township’s portfolio now stands at $3,047,000.
By Richard Blanchard
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