Coffee County trustees, commissioners debate investment policy after $3.8 million yield in 2024

Coffee County Investment Committee, Feb. 18 — Trustee John H. Marchesoni defended investments the trustee’s office made that produced about $3,835,832 in interest in fiscal 2024 while committee members debated language in a draft investment policy and who may direct restricted funds.

The committee did not adopt a new policy at the meeting but voted to circulate a March 2024 draft and reconvene to review it. Commissioners raised questions about whether parts of the draft conflict with the county’s tax levy and asked for clearer procedures on designated investment authority and signature requirements.

The meeting opened with routine votes to approve the agenda and previous minutes. The agenda was approved on a motion by Commissioner Smith, seconded by Commissioner Miller. Minutes from the March 11, 2024 meeting were approved on a motion by Commissioner Hollingsworth, seconded by Commissioner Smith, with a 5-1 vote; Trustee John H. Marchesoni recorded the lone vote in opposition.

Marchesoni asked the committee to accept clarifying language in the minutes concerning a Dec. 14, 2022 multi‑bank securities resolution that he said authorized purchases of…