The City of Columbia will soon have a new investment strategy, aiming to give it access to quick cash while still offering long-term yields. City officials believe participating in the Missouri Capital Asset Advantage Treasury (MOCAAT) program offers greater flexibility for natural disaster response.
MOCAAT Vice President Jason Hoffman said the organization originally worked with schools and school associations, but now has more cities as clients.
“We just want to be an option for them as a safe place to put their money and earn a good rate of return, and if that is something that works out for a city we welcome that opportunity,” Hoffman said.
There are now more than 300 investors in MOCAAT.
“The City is not taking out extra funds nor is there a shortage of money, we are simply adding an investment option to our portfolio in order to earn interest revenue that can be used for various governmental programs and activities,” said Columbia Assistant Finance Director Jim McDonald.
The city will exit the Missouri Securities Investment Program.
