Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Boone County finance staff report $672,000 dip in assets and flag payroll-account discrepancy
Summary
County finance staff said assets fell $672,000 for the month as the county drew on liquid investments; staff reported a payroll checking account showing a false negative balance of about $322,000 that they are investigating.
Mister Newport, a county finance staff member, told the Boone County Finance Committee on Jan. 16 that the county’s assets fell by $672,000 in the most recent reporting period because the county spent more than it received and drew down liquid investments.
"Our assets are down $672,000, just because we spent more than we took in," Newport said, adding that most withdrawals came from the county’s investment pool.
The nut of the matter is liquidity and timing: finance staff said short-term accounts held a larger share of the county portfolio while the U.S. Treasury…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
