Camden County approves new impact fee account at Pineland Bank

In a recent Camden County Board of Commissioners meeting, officials took a significant step towards improving the management of impact fees by approving the establishment of a new bank account at Pineland Bank. This decision aims to enhance the financial handling of these fees, which are crucial for funding community development projects.

Currently, Camden County's impact fees are held in an account with Synovus Bank. However, the existing account has been problematic, as it is structured in a way that often results in fees outweighing the interest earned. This situation has made it difficult for the county to maintain the legal requirement that impact fees be kept in an interest-bearing account.

The proposed account at Pineland Bank offers a more favorable solution. It will feature a premier money market account with a competitive interest rate of 3.5% and no associated fees. This change is expected to provide a more reliable source of income from the impact fees, which are essential for supporting local infrastructure and community projects.

The decision to switch banks was made after considering the accessibility of the new account for staff deposits, as well as the proximity of Pineland Bank to the planning department. The board unanimously approved the motion, signaling a commitment to better financial practices that will ultimately benefit Camden County residents.

As the county moves forward with this transition, officials are optimistic that the new banking arrangement will enhance the management of impact fees and support ongoing community development efforts.