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Treasurer reports dip in investment pool, large property tax distributions; health fund short $5,100
Summary
At the Sept. 11 finance committee meeting the treasurer said county investment pool assets were down nearly $1 million heading into September, noted two recent large property tax distributions, and said the county's health fund shows an out-of-balance item of about $5,100 that staff will reconcile next month.
Boone County Treasurer's monthly report presented to the finance committee on Thursday showed the county's investment pool fell by nearly $1 million at the end of August and that the county received two recent property-tax distributions.
"Our investment pool assets are down not quite a million dollars," the treasurer reported, attributing the decline in part to ongoing construction payments and road projects that have caused cash to flow out as bills are paid. He also said returns remain largely unchanged in the interest-rate market since a month ago, and that about one-quarter of the county’s investment pool is in liquid accounts that would be immediately affected if the Federal Reserve reduces short-term rates.
The treasurer said recent property tax distributions included one large transfer of roughly $4 million in total with about $2.35 million to the general fund, and a smaller distribution of about $1.5 million (approximately $900,000 to the general fund) that was scheduled to hit the county’s bank account the following day. "This is all normal and on time," he said.
The treasurer flagged an accounting discrepancy in the county health fund. "We do have an issue with the health fund. We can see that it's out of balance, $5,100," he told the committee, and said staff have known about the imbalance and will investigate and reconcile the fund in the coming month.
In a related administration report, county finance staff told the committee the budget-to-actual numbers are roughly at the three-quarters mark for the fiscal year with revenues and expenditures generally tracking expectations. County Administrator Becky (surname not specified in the transcript) told members she anticipates the county will finish the fiscal year about $1 million “to the good,” and that the board could consider moving some reserves into the 2026 bond fund to offset larger debt payments projected for 2027 and 2028.
Committee members asked questions about revenue projections, use of reserves and the health fund discrepancy. Treasurer comment: "we will figure out what's going on with the health fund and get that all squared away," and staff promised follow-up next month.
No formal votes were taken on the treasurer’s report itself; committee members used the presentation to seek clarifications ahead of the county budget process.
