Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
Controller reports inmate and canteen balances; board approves investment renewal
Summary
Controller reported reconciliations and account balances for May and the board authorized renewal of a six‑month PLGIT investment that matures July 11, 2025.
Lackawanna County Controller Mr. DeBiglio reported that reconciliations for the prison inmate and canteen accounts matched bank statements for April and provided account balances as of late May. He said the inmate account balance was $474,875.18 as of May 31, 2025; the canteen checking account balance was $592,720.44 as of May 30, 2025. The canteen accounts also included two Pennsylvania Local Government Investment Trust (PLGIT) investments totaling $947,823.19 that DeBiglio said were earning about $3,455 per month and maturing in July 2025.
DeBiglio noted one six-month investment with a balance of $857,064.56 earning an annualized 4.4% and maturing July 11, 2025. The controller offered to renew that investment prior to the board’s next meeting. A board member asked about likely interest-rate movement; DeBiglio said rates are unlikely to be lower and could be slightly higher by July 11. Another participant quoted the current PLGIT rate as 4.37%.
On a motion and second, the board voted by voice to authorize renewal of the six-month investment under prevailing market rates; the transcript records an affirmative voice vote and did not provide a roll-call tally.
The controller also reported that $84,363.07 was paid from the canteen account in May for inmate benefit, welfare and education and that the board would have one of the investments maturing before the next meeting.
