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Commission votes to move stabilization funds into higher-yield interest account
Summary
Commissioners approved changing the county’s financial stabilization holdings into a higher-yield account after staff and a local bank presented options to increase returns on idle funds.
The Hardy County Commission voted to move financial stabilization funds into an interest-bearing account the commission determined would yield higher returns than current holdings.
A commissioner said the county was “missing out on some additional dollars” by leaving funds in lower-yield investments and proposed notifying banks ahead of rollovers to seek higher-yield certificates of deposit or similar instruments. The speaker said some current county funds were earning about 0.5 percent interest.
The motion to transfer stabilization funds to the bank option presented was moved and seconded, and the commission approved it by voice vote. The commission did not record a roll-call tally in the transcript.
Commission staff said they had consulted with a local bank representative and that the proposal would preserve liquidity while pursuing higher yield. Commissioners directed that banks be informed prior to automatic rollovers to explore higher-yield opportunities.
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