Treasurer Mandel tours Shawnee Local School District to Discuss $5.75 Million Deposit Into Innovative STAR Plus Program
LIMA – State Treasurer Josh Mandel visited Shawnee Local Schools today to discuss the district’s $5.75 million deposit into the Ohio Treasury’s innovative new STAR Plus cash deposit program. STAR Plus is endorsed by Treasurer Mandel’s office and offers the security of 100% federally insured deposits and a competitive yield to local government subdivisions.
“The STAR Plus program is allowing us to gain a greater yield on our investments while ensuring we improve our educational offerings,” said Paul Nardini, the Superintendent of Shawnee Local Schools. “We are pleased to be working with Treasurer Mandel in order to maximize local dollars, and this program leaves our district and students better off.”
“School districts can use the STAR Plus program to maximize their return on investment while protecting tax dollars,” said Treasurer Mandel. “In today’s financial environment, we are happy that we can offer school districts an attractive investment option for education dollars that can help them invest in local classroom initiatives.”
Since the launch of STAR Plus, over 250 local government subdivisions across the state, from cities and counties to libraries and school districts, have opened accounts. Deposits in the STAR Plus program have topped $725 million in recent days.
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 are fully secured with no credit or market risk while earning a competitive yield.