Treasurer reports move from CDs to money-market accounts; commissioners OK small preauthorizations and budget adjustment
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Summary
The county treasurer outlined moving maturing CDs into money-market accounts that yield about 4% and discussed creation of a separate reserve account for an annually authorized $100,000 equipment allocation; commissioners approved several small preauthorizations and the treasurer’s report.
Weston County Treasurer Susie presented the county’s cash and investment report and discussed recent moves away from multi-year CDs toward money-market accounts that provide monthly interest and easier access.
Susie said several county certificates of deposit that mature in November will be reinvested into money markets rather than new CDs; the county’s banking partner has shifted customers to money markets that pay interest monthly. She reported a money-market interest rate around 4% at the time of the meeting.
The board discussed a statutory option to transfer up to $100,000 per year from the county road fund into a separate reserve for equipment (described in the meeting as a way to fund a grader or blade over time). Commissioners directed the treasurer to create a separate cash account/reserve for that purpose so the county can track funds earmarked for equipment without violating statutory limits.
The commission approved a credit card preauthorization for Emergency Management in the amount of $1,272.98 and a small prepaid purchase for Road & Bridge (a roughly $100 part) by voice votes. The board also accepted the treasurer’s report by motion and carried the action by voice vote.
Susie said the county’s next road-severance deposit was about $30,682.62 and that some reimbursements (for homeland security-related projects) remain outstanding because FEMA and other review processes are ongoing.