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Camden County to open LGIP account for SPLOST 9 proceeds and move impact fees to Pineland Bank to earn higher interest
Summary
The Camden County Board of Commissioners on June 3 authorized establishing a Local Government Investment Pool (LGIP) account to receive SPLOST 9 distributions and opening a Pineland Bank money‑market account to hold impact fees, citing higher returns and lower fees.
The Camden County Board of Commissioners on June 3 authorized two finance actions designed to keep SPLOST 9 proceeds and impact fees in interest‑bearing accounts that are separate from other county funds.
Nancy explained that state SPLOST 9 distributions must be kept separate and that a new Local Government Investment Pool (LGIP) account will be established to receive monthly SPLOST 9 deposits from the state. The state will deposit directly into the LGIP account and the county will transfer funds to its Synovus operating account for disbursement; Nancy said the county will follow a video resolution procedure now required by the state/bank for the account setup.
Separately, the board authorized opening a new impact fee account at Pineland Bank. Nancy said the county’s existing impact fee money is held in a composite Synovus account where fees can offset interest and sometimes leave no interest credited. Pineland offered a premier money‑market account with an estimated 3.5% interest rate and no fees; Nancy estimated the impact‑fee balance of about $750,000 would produce roughly $26,000 in interest annually at the Pineland rate.
Commissioners asked procedural questions (Synovus remains the county’s disbursement bank; Ameris was considered but is less convenient geographically) and voted to approve both account actions. Finance director Janice Beckham will manage transfers between LGIP and the Synovus SPLOST account as needed for expenditures.
