TORONTO - Interest rates earned on city funds were discussed during Monday's City Council meeting.
During the previous meeting, city resident John Miclea approached council with what he said was information on how the city could raise additional revenue through banks offering a higher rate of interest on accounts. Miclea contended the city could get up to an additional 3 percent in interest by going through Nationwide Bank. He also produced a sheet stating the bank's proposal and told council he believed the city could get a higher rate of interest earned than what is was currently earning.
However, during Monday's meeting, city Treasurer Jim Orsini said he checked into the proposal, and the rate offered wasn't for municipalities.
"This offer is for individuals only with a Social Security number and a pre-existing account (with the bank)," said Orsini, adding he was suspicious of the offer. "This could have been discovered with a 30-second phone call."
Orsini also said Nationwide Bank's certificates of deposits were earning less interest than what the city currently was. He added the city always was interested in earning more interest with funds deposited, but "If (an offer) looks too good to be true, it probably is."
"Well, I don't know about that," said Miclea, who was present during Monday's meeting.
Miclea also presented council with additional information and asked to see the city's audited unencumbered funds.
"My door is always open," said city Auditor Bob Owen.
In other matters:
Mayor John Geddis updated council on pending city matters, including streets to be paved in 2013. Geddis said portions of Daniels and Euclid streets, along with Banfield Avenue, would have to be milled prior to resurfacing. He added some street areas of Walton Acres would be resurfaced with concrete.
The mayor also said the city had received a portion of Community Housing Improvement Program grants that city homeowners were welcome to apply for.
"It's looks like the (Toronto High School) Stadium will be ready for the first home game Sept. 7," said Geddis. "Work on the (city school district's) new building also seems to be going well."
Geddis also said the city currently was drawing up specifications for replacement of a bridge on Titanium Way, adding the bridge would probably be replaced in 2014.
It was announced the city's War Memorial Pool was now closed. Council also voted to assist the Focus in Toronto organization with some aspects of Toronto Festival of the Arts, scheduled for Saturday and Sunday.