Treasurer Mandel visits Auburn Township to Discuss Successful New STAR Plus Program
AUBURN TOWNSHIP - State Treasurer Josh Mandel met with Auburn Township officials today to discuss the new and innovative 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.
Treasurer Mandel discusses the new STAR Plus Program with Auburn Township Fiscal Officer Susan Plavcan and other Auburn Township Officials.
“As the fiscal officer of a local government entity, we are always trying to find new ways to make more with less,” said Auburn Township Fiscal Officer Susan Plavcan. “In today’s economy we have to ensure that we are working to protect our citizens’ hard earned money, while still maximizing return on our investments. The STAR Plus program helps local governments do just that.”
“Local governments have been looking for new and innovative ways to spread their money further,” 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. Being able to offer this new and innovative investment program to local governments throughout Northeast Ohio is something I am very excited about.”
“Local governments like Auburn Township can use STAR Plus to get a greater rate of return on investments for their taxpayers,” said State Representative Matt Lynch (R-Bainbridge Township). “This program is a welcomed addition that leaves our communities in a solid financial position.”
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.