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DuBois County Board of Finance renews investment policy after reviewing 2024 holdings
Summary
At its annual January reorganization, DuBois County’s Board of Finance kept the same officers and approved a one-year renewal of the county's statement of investment policy after staff reviewed certificate- and money-market holdings and noted a steep increase in interest earnings in 2023'24 compared with 2022.
The DuBois County Board of Finance voted to keep last year's officer slate and approved renewal of the county's statement of investment policy at its January reorganization meeting.
County finance staff told the board that the county's mix of certificates of deposit, money-market and operating accounts produced substantially higher interest earnings in recent years. Staff reported roughly $522,000 in interest earned in 2022, about $2.4 million in 2023 and about $2.7 million in 2024, and said those receipts reflected the county's current investment mix and higher market rates over the period. Staff warned that short-term rates have fallen in recent weeks and that earnings for the next year were likely to be lower than 2024.
The renewed policy extends the county's existing investment approach for one year with only date updates. The board approved the renewal on a voice vote.
Why it matters: Interest on short-term investments provides non-tax revenue that the county factors into its annual budget assumptions. Commissioners asked whether the higher earnings meant more spending flexibility; staff clarified the revenue reduces pressure on other revenue sources or the need for cuts in tight years.
Details: Members of the Board of Finance conducted a brief reorganization at the start of the session. The board noted that Chad Walsinger served as president and Greg Broward as secretary last year and moved to retain the same officers for the coming year. The board then reviewed the investment holdings by fund, including CDs held for specific departments (community corrections, highway, recorder's office, jail, health department) and general operating balances at Springs Valley Bank and German American Bank.
Staff described the county's operational use of a Spring Valley money-market-type account that pays interest weekly and can be drawn on with short notice, and contrasted it with lower-yield checking accounts used for payroll and excise at German American. Staff also told the board about unclaimed checks older than two years that will be returned to county accounts after outreach efforts.
Commissioners asked for clearer presentation of the holdings and suggested staff make the packet easier to read for board members. Staff said they would provide alternate formats on request. The board approved the minutes from the January 16, 2024 Board of Finance meeting and closed the Board of Finance portion of the session.
Ending: Commissioners left staff to continue monitoring yields and bank offerings and to present updated figures as the county prepares its 2025 budget assumptions.
