Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Investments topic
No spam. Unsubscribe anytime.
Treasurer details CD investments, ARPA property-sale option and hazardous-waste funding correction
Summary
Franklin County Treasurer Amy Skvarowitz reported short-term certificate of deposit investments, presented options for addressing the sale of ARPA-purchased property (including a recommended administrative fee to mitigate audit risk), and corrected a household hazardous waste grant number from $22,000 to $21,000 while requesting $8,277.07 for a spring event.
Treasurer Amy Skvarowitz presented several finance items in the work session and voting session on Dec. 19.
Investments: Skvarowitz recommended allocating a matured 30-day CD and opening new short-term certificates of deposit to improve investment earnings. The court authorized opening a $6,000,000 30-day CD and two additional CDs of $3,500,000 for 60-day and six-month terms, after reviewing local bank rates and total returns.
ARPA property-sale question: The treasurer raised a procedural question about whether property purchased with American Rescue Plan Act (ARPA) funds may be sold. County counsel and outside ARPA counsel indicated the sale is permissible but that a federal auditor could potentially interpret the rules differently. Counsel gave an option that would replace $850,000 (an ARPA line item cited in packets) with other allowable expenses; to reduce audit risk the treasurer presented an administrative fee for review of the sale (about $12,005.61). The court discussed the recommendation as a "peace of mind" step; the finance committee had reviewed the recommendation and the full court approved ARPA written justification and related transfers in the voting session.
Household hazardous waste: Ally requested authorization to use the remaining $8,277.07 for a spring household hazardous waste event (planned April 19). She corrected a line in the abstract: the county was awarded $21,000 (not $22,000). The court approved the amended resolution to accept the corrected grant figures.
Other approvals: The court approved routine cash transfers, the treasurer's report and several budgetary items. The county will proceed with the recommended CD placements and the ARPA options endorsed by counsel, while follow-up work will formalize documentation to reduce audit exposure.
The court recorded the approvals in the voting session and asked for continued reporting on implementation of investment and ARPA-related steps.
