Treasurer Mandel Tours New Riegel Local Schools to Discuss Their Participation in Innovative STAR Plus Investment Program
NEW RIEGEL - State Treasurer Josh Mandel met with New Riegel Local Schools officials today to discuss their recent $519,741 deposit in the innovative new STAR Plus investment program. STAR Plus offers local government subdivisions the security of 100% federally insured deposits and a very competitive yield for local taxpayers, and is endorsed by Treasurer Mandel’s office.
“In the New Riegel school district, we are excited about Treasurer Mandel endorsing a safe way for us to maximize return on our investments. As a financial officer I appreciate that the new STAR Plus program allows us to maintain security on deposits, while giving us the flexibility of weekly liquidity,” said Jane Schalk, Treasurer of the New Riegel Local Schools. “STAR Plus is an innovative new program that will help bring more money into our school district that we can invest in the classroom and use to fund projects that will help us maintain the high quality education we provide to our students.”
“Schools and local governments across Ohio are looking for ways to stretch taxpayer dollars and do more with less in this current economic environment,” said Treasurer Mandel. “STAR Plus is a win-win-win that provides full security on deposits, triples the yield over other similar investment options, and strives to keep public funds in Ohio community banks that fuel our local economies. We are excited to make this new investment option available to school districts like New Riegel so that they can earn additional return on investments and put those resources to use educating their students.”
“STAR Plus allows local schools like New Riegel to generate additional investment revenues, and helps to keep these investments in our local community banks that support small business growth,” said Senator Dave Burke (R-Marysville). “The program is working for state taxpayers and the Northwest Ohio economy.”
STAR Plus is endorsed by the Ohio Treasurer’s office and provides safe and competitive returns on cash deposits for Ohio local governments. The program is modeled after established private-sector programs and will allow government fund managers to place deposits in a carefully-screened network of hundreds of Federal Deposit Insurance Corporation (FDIC) insured banks via a single convenient account. Public funds deposited in the program will be fully secured and will have no credit or market risk while earning a competitive yield, currently 25 basis points. For more information on STAR Plus, please visit: www.STAROhioPlus.com or www.OhioTreasurer.gov.