Treasurer reports initial transfers into VIP liquidity pool, county account balances disclosed

The Warren County treasurer reported that the county has begun moving funds from wealth-management accounts into a liquidity pool and a local bank operating account.

According to the report read at the meeting, the county transferred $6,000,000 from a wealth-management account into an Atlantic Union money-market account. Of that amount, $5,000,000 was contributed to the Virginia Investment Pool (VIP) liquidity pool and $1,000,000 deposited in the United Bank operating account to cover expenditures. The treasurer reported the VIP liquidity-pool balance on April 11, 2025, was $10,027,573; staff noted funds over $10,000,000 in the pool represent interest income.

The treasurer also reported statement balances for county accounts: the County agency account balance in Atlantic Union wealth management was reported as $9,159,704.51; a scholarship agency account balance of $206,427.68; and an irrevocable trust balance reported in the packet (figure in transcript unclear). Staff noted some checks outstanding at Atlantic Union would remain for at least six months and that checks older than six months would be treated as stale-dated and returned unpaid.

Board members welcomed the move toward pooling for better liquidity and said the transfers should help county cash flow. One supervisor later used the numbers to highlight near-term cash inflows and outflows: for the month cited, receipts were $1,925,787 against expenditures of roughly $5,100,000, noting a temporary cash gap handled through account management.