By Anton Riecher
Officers with Lytle State Bank expressed concern that the decision to move more than $7 million in city deposits into a public funds investment pool will negatively impact the local economy.
Bank vice chairman Franklin S. Wanjura told the Lytle City Council Monday that deposits from the city “are like gasoline for an engine that makes the city grown.”
“I really would appreciate council action directing the (city administrator) to direct this money back into our community so there’s more things we can do,” Wanjura said.
City Administrator Zachary Meadows told the council that he would be happy to explore options offered by the bank if so directed by the council.
TexPool, overseen by the state comptroller, is the largest public funds investment pool in the state, created for local governments to combine their funds for safer, higher-yielding investments. The pool provides investment services to more than 2,750 communities across the state.
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