The McHenry County Mental Health Board voted through its routine business and heard an investment update showing $6 million has been moved into two brokerage accounts to diversify liquidity and long-term holdings. Mel told the board that in October $4,000,000 was placed into a Schwab separately managed account and about two weeks ago $2,000,000 was moved into an iPrime account.

Mel said the accounts were structured so one functions like a money-market account with easier access to funds and the other is intended for longer-term investments. "The I Prime account is going to be similar to the money market account, where we can access the funds, as needed," Mel said. He warned that because funds were in transit during November, the board will likely see less investment income for that month than prior months.

Board members questioned the split and the composition of corporate holdings. Carolyn Scofield said the broker had initially shown a single breakdown but the funds ultimately landed in two accounts; Donna explained the two-account approach was chosen to conform with governmental investment limits and to balance liquidity with longer-term return. "It's just two different makeups," Donna said, explaining that one account is easier to pull from while the other is intended to be left alone.

Board staff also asked the county to shorten the timing on sales-tax distributions. Mel said the board requested that the county move its sales-tax remittance into the board's account within two to three days after the county pulls funds from the state so the board has quicker access to those funds.

Donna agreed to provide quarterly investment reports to staff and the board beginning with late January, with the first report possibly appearing at the February meeting. No formal vote was required to effect the account moves because staff executed the transfers; the board received the update and directed that reporting continue on a quarterly cadence.

Next steps: Donna will supply quarterly reports to Bridget and Mel, and the board will review the first quarterly update when available.