The Village of Thomaston could be seeing a few extra bucks in its pocket by switching banks, officials said at a village board meeting on Monday night.
Mayor Steven Weinberg explained that when officials get tax receipts, they do not spend the money all at once. Rather, they put the money into a bank account for a short period of time and get some interest.
A difference of half a percentage point on $50,000, for example, could net an additional $250.
“Even though it’s marginal, even though it’s small, I think government has that responsibility,” Weinberg said in an interview.
Village officials first considered the move earlier this year, as interest rates were poised to rise. Now they are reviewing proposals from Flushing National Bank and the First National Bank of Long Island, Weinberg said.
“It’s not costing us money to look and to make the change,” Weinberg said.
In unrelated business, village officials shifted $50 around in the $2.19 million budget, approved a series of vouchers and reviewed a Department of Public Works report.
“We were dealing with some very minor financial items to keep our financial house in order,” Weinberg said.
The next Thomaston Board of Trustees meeting is March 12.
