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Treasurer outlines $20 million in invested cash; board asks for detailed earnings report
Summary
County Treasurer Randy Jones reported the county has invested about $10 million in the LGIP and another $10 million placed or to be placed in longer-term investments; Atlantic Union Bank presented a liquidity sweep option tied to Fed funds. Supervisors requested a detailed account of interest earned on daily balances.
County Treasurer Randy Jones told the Board of Supervisors on Feb. 4 that the county had begun investing large operating balances to earn higher returns and reduce idle cash. Jones said $10 million was placed in the state's Local Government Investment Pool (LGIP) on Sept. 1 and a further $10 million is slated for longer-term investments through the county's financial advisers (PFM),…
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