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Earnings lag, changes considered to city's park fundsTell North Platte what you think
 

Eric Seacrest of the Mid-Nebraska Community Foundation gave the city council suggestions Tuesday on how to re-invest the Newburn Fund – a $2.5 million bequest that is dedicated to city parks.

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The money is currently in certificates of deposit, which are yielding low dividends, Seacrest said. He suggested the fund be diversified, with $500,000 remaining in local bank CDs and accounts, $500,000 in stocks and real estate investment funds, and $1.5 million in cash equivalents plus bonds.

Councilman Jerry Stoll asked how money would be withdrawn to invest back into the parks. Seacrest said just like it is done now. He said all these investments are designed to produce dividends that will be available without using the principal.

Seacrest said that would keep the fund in line with the widely approved decision not to spend any of the principal, only the profits.

Councilman Larry Campbell asked how much money management fees would be.

Seacrest said a fee is charged, of course, but only 0.3-0.8 percent. Seacrest also said if the principal should drop below $2.5 million because of market changes, dividends could still be used by the city if necessary. And, he said in some years no dividends would be used and would be applied back to the principal.

Seacrest emphasized that he is just making suggestions and offered to get updated responses from any firms the council would consider to handle the new investments.


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The North Platte Bulletin - Published 10/2/2012
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