In The News 11 July 2012

Greenfield Schools utilize innovative STAR Plus Program to maintain security and improve return on taxpayer deposits

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State Treasurer Josh Mandel toured the Greenfield Exempted Village School District today to discuss their participation in the innovative new STAR Plus program to help maintain security and improve return on public deposits.

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.

“This program is ideal for our district because it allows for increased yield over other available investment options, and comes with full federal insurance and no risk of loss on deposits,” said Greenfield Schools Finance Director Joseph Smith.

“Greenfield schools intend to utilize the revenues generated by STAR Plus to invest in projects and initiatives that will improve the learning environment for our local students, and to continue our tradition of excellence in education.”

“Every dollar counts for local government subdivisions in Southern Ohio like the Greenfield Exempted Village Schools who are tightening their belts and stretching resources in the 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.”

“The STAR Plus program is a great example of Ohio lawmakers taking a proven private sector financial program and making it available to local governments,” said State Representative Gary Scherer (R-Circleville), who joined Treasurer Mandel on the tour and supported the law that made this new program possible. “Lawmakers authorized this program to allow local government subdivisions like the Greenfield schools to put idle deposits to work generating greater interest to help fund their priorities.”

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.

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