County treasurer reports consolidated checking, $5 million in investments and recent warrants

Kennebec County’s treasurer updated commissioners Tuesday on the county’s cash and investment balances, explained how a consolidated checking account functions and listed recent warrant amounts and recipients.

The treasurer reported $1,441,800 in insured cash sweep (operating cash) and approximately $5,000,000 in separate investment cash held in a money-market account. He described the county’s consolidated checking account as a single operational account that contains funds for multiple county purposes but is managed by the general ledger so individual funds remain distinct for accounting purposes. He said the investment cash remains separate from the checking account and includes maturing bond schedules the treasurer previously circulated to commissioners.

The treasurer recited recent warrants and amounts in the meeting packet: a payroll warrant including agency checks of about $642,150; AP warrant number 2 (regular) with ARPA items of $698,968; an ACH portion listed at $92,492; a regular warrant of $216,377 and ACH warrant $99,719; restitution checks totaling $7,074; a payment to Diamond Drugs of $73,288; MCCA risk pool $89,000; Maine Municipal Association $40,326; and a list of other expenditures including Kinnebec Water District at $500,000 and Volunteers of America at $163. The treasurer said the investment account interest schedule and maturing bond schedule are included in the packet for commissioners’ review.

Commissioners asked questions about the consolidated account, how investment cash is used and whether city payments flow into the single checking account; staff answered that payments are received into the consolidated checking account and are allocated by the general ledger. The treasurer said he would provide the full schedule of bond maturities and interest as requested.

No formal action was taken on the treasurer’s report during the meeting.