Allen County treasurer summarizes 2024 investments; commission adopts 2025 investment policy

Samantha Chenery, Allen County treasurer, presented a summary of the county's investments and bank accounts for the 2024 calendar year and the board voted to adopt the county's investment policy for 2025.

Chenery told the Board of Commissioners that securities that matured or were called in 2024 produced $913,639.59 in interest and that total interest earned across all county funds was $17.5 million. She said the county uses a laddering strategy for investments, typically maturing instruments about every two months, and that her office is working to correct gaps left during the 2024 turnover in the treasurer's office.

The report included a list of current securities, a list of securities that matured or were called in 2024, a five-year summary of bank rates, and a ranking of the top 10 interest-earning county funds (the top 10 funds earned about $15.7 million). Chenery also described deposit accounts and noted that the county is closing a Wells Fargo account at the end of the month because Wells Fargo fell off the Indiana approved depository list; funds that continued to arrive at Wells Fargo were being swept automatically to approved accounts.

Chenery said the county maintains multiple banking relationships to diversify risk and to spread deposits among large and community banks that lend locally. She also said the county monitors bank rates monthly and shares rate information with banking contacts to encourage competitive offers.

The treasurer described a planned kiosk upgrade to accept cash, give change, accept checks and credit cards, and said the vendor expects installation by the end of the first quarter. Commissioners asked whether interest earnings might decline because bond proceeds set aside for the jail will be used in construction; Chenery said interest could drop modestly but likely not drastically, estimating a possible multi-million-dollar difference depending on timing and market rates.

Commission action: a commissioner moved and a second was given to approve the Allen County investment policy "as presented." The motion carried.

The treasurer also invited questions and said she will continue efforts to reduce bank fees and optimize the county's investment laddering.

Ending: Commissioners thanked Chenery and welcomed new staff; no additional changes to the investment policy were requested.