Laguna Woods Board of Directors votes to move $ 5 million to CD, increasing revenue – Orange County Register
Third Mutual’s board of directors passed a resolution last week that would transfer $ 5 million of its $ 25 million balance in money market funds to a one-year term deposit certificate.
“The reason for moving this money is to have a slight increase in our rate of earnings for this amount of money,” said third mutual manager Donna Rane-Szostak at the regular board meeting. administration on December 21.
On a monthly basis, the temporary transfer will earn 15 basis points – or 0.15% – instead of the rate previously set at 12 points, according to a report from Village Management Services staff.
In September, Third closed its Fidelity Investment accounts and transferred all funds to Sunwest Bank.
The money market account remains in Third’s discretionary investment account at Sunwest Bank, which is fully insured by the federal government, as noted in the report.
The board unanimously approved the resolution.
Going forward, Third Manager Craig Wayne will meet with representatives from Sunwest Bank to discuss the rate hike.
VMS Managing Director Siobahn Foster has been appointed Managing Director of Management Services.
Foster will take the helm after VMS CEO Jeff Parker retires on February 3, according to a staff newsletter.
During his four-year tenure as COO, Foster cut sales and lease turnaround time by 30%, cut legal counsel’s hourly rate by $ 200, coordinated an effort to lobbying to pass Senate Bill 754 – thereby saving the village $ 30,000 per election when applied – and has served as the driving force behind VMS protocols throughout a global pandemic, leaders said from the village.
She has generated nearly $ 200,000 in annual revenue for the Golden Rain Foundation through efficient operations, sponsorships and programs over the years, with an additional reimbursement request of $ 1.5 million from the fund. City’s local COVID-19 recovery pending.
“(Foster) is clearly exceptionally qualified for the job,” as stated in a newsletter. “Siobahn will have a strong focus on providing excellent service to the residents of Laguna Woods Village.”
The rate of COVID-19 cases continues to rise in Orange County, with the latest reports putting the rate of new cases daily at 15 cases per 100,000 population, up from 9.3 cases per 100,000 population last week, according to the OC Health Care Agency.
In the town of Laguna Woods, there have been 602 cases of COVID-19 – 12 more cases since last week – since the start of the pandemic.
The test-positivity rate in the county stands at 4.5% – that’s the number of swabs and sputum tests that come back positive for the coronavirus.
Meanwhile, the health equity rate – the test positivity of disproportionately affected neighborhoods – is reported at 4.4%.
The average resale price of a unit in Third Mutual in November was $ 516,180, up from $ 394,904 in November 2020, according to a report from VMS staff.
Since the start of the year, resales have numbered 451, compared to 293 at the same period last year. Sales volume in November was $ 24 million compared to $ 11 million in November 2020.