Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Investment topic
No spam. Unsubscribe anytime.
Virginia Gas and Oil Board reviews escrow trust report, approves $1 million 12-month CD purchase
Summary
The board reviewed the FirstBank & Trust escrow report for the first quarter of 2025, heard account balances and outstanding-check plans, and voted to place $1,000,000 into a 12-month certificate of deposit when current CDs mature in August.
The Virginia Gas and Oil Board on April 15 received its quarterly escrow and trust report from staff and approved moving $1,000,000 from existing funds into a 12-month certificate of deposit when the board’s brokered certificates mature in August 2025.
Board Treasurer (staff) presented the March 2025 account summary, reporting a beginning balance of $4,994,039.19, deposits of $32,216.01, interest earned of $18,583.88, fees of $4,921.07, distributions totaling $140,321.97, and transfers to the no-W9 list of $42,252.93, leaving an ending balance of $4,857,343.11 as of March.
The report showed $2,000,000 held in brokered certificates of deposit due in August 2025 and roughly $2,800,000 in a money market account. Staff said the board had issued more than 100 checks year-to-date, many for small amounts, and planned to escheat stale items older than one year — about $9,000 — back to the state unless claimants present valid claims.
Board members discussed prevailing short-term CD rates and the trade-off between locking funds now at roughly 3.65–4.00% for 12 months versus waiting for rates to change by August. After discussion, a motion to invest $1,000,000 in a 12-month CD was made and the board approved the motion by roll call.
The board also considered meeting logistics and voted to hold the May meeting virtually; members then approved the minutes of the March 2025 meeting.
The board asked staff to revisit the investment decision at the July meeting, when the maturing brokered CDs and current market rates can be reassessed.
