Circleville Herald: 4 local entities invest in Mandel-backed cash management program
By Amanda Plotts | Circleville Herald
CIRCLEVILLE — State Treasurer of Ohio Josh Mandel has been endorsing the STAR Plus program since its inception in 2012. Currently in Pickaway County, there are four local governments that have chosen to invest in the program.
STAR Plus is a cash management program that provides Ohio political subdivisions such as schools, cities, counties, townships, libraries and other public entities, with access to hundreds of FDIC insured banks via one convenient account. Mandel said public funds deposited in the program will be fully secured with no credit or market risk while earning a competitive yield.
Mandel said he chose to endorse the program because he believes subdivisions should have a choice of where they want to invest tax dollars by giving them quality options to maximize the security of their money while earning an attractive yield.
“I am proud to be able to serve residents of Pickaway County in a way that is thoughtful and safe and generates a yield on their tax money,” Mandel said. “By increasing return yields on investments, we can educate children, keep streets safe and care for senior citizens.”
To date, Teays Valley Local School District, Logan Elm Local School District, Scioto Township and the Pickaway County District Public Library have invested more than $13 million into the STAR Plus investment program.
Mandel said 44.3 percent of participants in the STAR Plus program are school districts in the state of Ohio.
“I feel strongly that educating children is one of the most important things we do in America,” Mandel said. “We need funds to pay for high quality teachers and maintain state of the art educational facilities.
Mandel said he believes the program will continue to grow throughout the state and in Pickaway County. He said the program reached the $2 billion mark in deposits statewide within a couple years, which is considered very fast growth.
“The fact that 600 local government fiscal officers have chosen to invest is evidence it is working for taxpayers,” Mandel said. “We’ve seen counties in every corner of Ohio express interest in this investment program.”
Ohio was the first state in the nation to participate in the STAR Plus program, and Mandel said other states have since contacted him and expresses interest in starting the program.