Prison board approves rollover of 180-day PLGIT investment and reviews inmate and canteen accounts

The Lackawanna County Prison Board approved a motion to renew a 180-day Pennsylvania Local Government Investment Trust (PLGIT) investment that will mature on Jan. 9. The comptroller's report for November 2024 showed the inmate account balance, canteen checking balance and an investment holding that together make up the jail's custodial and operating funds.

Comptroller Mr. De Biblio reported the inmate account balance was $384,767.04 as of Nov. 30, 2024, and the canteen checking account balance was $484,651.09 as of Nov. 30, 2024. He said the PLGIT investment account held $923,320.96 as of Nov. 30 and was earning approximately $4,000 per month; one tranche of roughly $817,000 will mature on Jan. 9 and the comptroller said that tranche had been earning an annualized 5.32% at purchase but the current available 180-day rate at the time of the meeting was 4.43%. A second tranche of $108,224 matures on Jan. 23 at a current rate reported as 5.28%.

Board members discussed timing and interest rates, noting a Federal Open Market Committee meeting that day could affect yields. The comptroller and board agreed to renew the tranche maturing Jan. 9 for another 180 days at the rate in force when it renews. The motion to renew the investment was approved by voice vote.

The comptroller also reported that $82,301.56 (reported as dollars '80 '2 thousand and '30 '1 point '5 '6 in the comptroller's readout) was paid from the canteen account in November for the benefit, welfare and education of county inmates; the comptroller attached detailed accounts to his report. He told the board the PLGIT tranche scheduled to mature on Jan. 9 was earning 5.32% annualized at purchase and that the shorter 180-day rate had declined to about 4.43% by the day of the meeting.

The board approved the comptroller's report by motion following the discussion. The meeting transcript records the motion and a second and a voice vote of "ayes."