Export council to consider shifting some borough accounts to investment trust

In order to help their money make a little more money, Export officials are considering moving some borough accounts to the Pennsylvania Local Government Investment Trust.

PLGIT “is similar to a bank but not a bank,” according to the group’s Western Pennsylvania marketing director, Tamara Kemmler. “We don’t do anything with your money that you can’t do on your own.”

PLGIT offers a variety of investment options and cash management services to investors. The ability to retain liquidity — being able to get quick access to borough funds — was important for council members.

“We have some projects coming up where we may need to get to that money quickly,” council President Barry Delissio said.

PLGIT has 3,000 members, including 600 boroughs. The trust is open to local governments, school boards, municipal authorities and other types of government. Most of its account options offer a rate of return between 4.4% and 4.76%.

“I think it’s a no-brainer,” Councilman Joe Ferri said. “I don’t think our local bank is going to match 4.4% on a checking account.”

Councilman John Nagoda said he agreed but added that the borough should give its local bank the opportunity to make a matching offer.

Kemmler agreed.

“I’m not saying you should move all your accounts to PLGIT,” she said. “You should absolutely maintain a relationship with your local bank. But once you sign up with PLGIT, you can also move money back and forth easily between us and your local bank account.”

Ferri asked that a resolution to join PLGIT be added to the agenda for council’s next meeting, set for 6:30 p.m. April 4 at the borough building on Washington Avenue.

In other news:

• Nagoda will look into pricing for replanting trees at the Export playground along the Italy Road side of the property.

• The Export Historical Society will have staff volunteers on hand from noon to 2 p.m. March 19 at the Export train station in the borough parking lot.

The society will open the station’s back room and will have additional historical materials available for the public to view.