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Weston County approves treasurer's report after discussion on CDs, money markets and road-fund transfers
Summary
Commissioners approved the treasurer's report after County Treasurer Susie explained plans to move maturing certificates of deposit into money-market accounts that pay roughly 4% and to create a separate reserve account for the statutory $100,000 annual road-fund transfer; FEMA reimbursements remain pending for some projects.
County Treasurer Susie presented an investment and cash-management update and the Weston County Commissioners approved the treasurer's report by voice vote.
Susie told commissioners several certificates of deposit (CDs) are maturing and she plans to move the proceeds into money-market accounts that currently pay about 4% interest and credit interest monthly rather than only at maturity. "They're still giving a 4% interest. Yep. Pretty good. Yep," Susie said, describing the current money-market yields. She said the county holds about $1,000,000 in the general fund account that can be moved into money markets when appropriate, and that four CDs remain that could be converted without a bank penalty in some cases.
The report also covered interfund transfers tied to road funding. Susie said some state road receipts first hit the general fund and must then be moved into the county road account. Commissioners asked for a separate cash account so the county can set aside the statutory $100,000-per-year road reserve; Susie described creating a new line item in the cash accounts to track that amount and confirmed the county has been permitted to take that annual amount from the road fund for planned uses such as equipment or gravel.
Susie also flagged outstanding reimbursements from federal programs. She said about $54,000 is awaiting FEMA review because FEMA requires additional documentation (ground-disturbance and historical reviews) before approving the reimbursement. "The 54,000, there won't be reimbursed till FEMA reviews," she said.
Commissioners asked several budget and accounting questions during the discussion, including a previously noticed difference between preliminary and final advertised budget totals (Susie said the difference was about $500,000 between the preliminary and the final in the audit review) and how certain receipts are classified among funds. One commissioner said, "I'm happy that they're going to those money markets," after the treasurer described the move from CDs to money markets.
A motion to approve the treasurer's report was made and seconded; the board approved the report by voice vote.
The vote concluded the item. Commissioners instructed staff to reflect the new reserve account in the budget book and to provide follow-up accounting entries when transfers are made so journal entries and fund balances remain clear.
