SURFSIDE BEACH, SC (WBTW) – The town is trying a new way to generate money and it could help in the event of a coastal disaster.
Surfside’s town council voted unanimously Tuesday night to put about $1 million into what’s called the local government investment pool. It’s run by the state treasurer to help smaller governments invest their money and get more back. The LGIP has more than $7.1 billion from about 220 counties, cities, towns and special districts.
Surfside will invest money from beach renourishment and disaster recovery funds. Those funds don’t collect any interest now.
Interim town administrator Jim Duckett says investing can help Surfside raise more money and be better prepared in case of an emergency.
“Instead of the funds sitting in your account in restricted fund balance, drawing no interest, you give it to the investment pool,” said Duckett. “It’s not a lot of interest being made, but it makes sense to when you’ve got lots of money sitting.”
Grand Strand cities like Myrtle Beach, Conway and Georgetown also have accounts in the LGIP.
Duckett says the town will put about $1 million in this year and add about $500,000 more each year.