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Warren County staff: US Bank miscoded bond amortizations; year-end report overstated by about $50,000
Summary
County finance staff said the county's custodian bank failed to post two principal paydowns on locally issued bonds, causing a roughly $50,000 overstatement in the year-end bond portfolio report; staff separated local issues into a dedicated account and will correct the report in January.
Warren County finance staff told the Board of Commissioners at a meeting that US Bank failed to post two principal paydowns for locally issued bonds, which caused the county's year-end bond portfolio report to overstate holdings by about $50,000. The county will correct the error in the January report.
The issue arose because the county keeps locally issued bonds in a separate portfolio with US Bank; those bonds amortize (pay down principal over time) while other holdings pay principal at maturity. "We've had a continuing problem with our custodian bank in getting the amortizations…
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