State Board of Finance approves routine quarterly motions under Act 1088, directs warrant purchases for Q1 2021

The State Board of Finance completed several routine procedural actions at the meeting. Eric Munson moved to adopt the minutes of the Aug. 11 meeting; the board adopted the minutes by voice vote.

Under its quarterly business, the board adopted a motion that no funds are available for deposit into the State Board of Finance Certificate of Deposit Program. The chair then moved a second motion directing the Treasury to purchase warrants for the succeeding quarter (Jan. 1–March 31, 2021) pursuant to Act 1088 of 2013 and to maintain reasonable demand deposit and money market balances for day-to-day state operations; that motion was seconded and approved by voice vote.

The board also received a rules committee update from TJ Fowler and a compliance update from the chief compliance officer; both reports were accepted by voice vote. The board set its next meeting for Feb. 9, 2021, at 10:00 a.m. and then adjourned.

All recorded motions were carried by voice vote during the meeting; the transcript records 'aye' responses and no recorded ‘no’ votes for these routine items.