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Treasurer reports county cash positions and outlines Edmore dissolution payout
Summary
Lisa reported county cash holdings across banks, remaining COVID and FEMA funds, and an Edmore dissolution pool of about $479,000 that will be paid to landowners based on 2023 ownership; commissioners were asked to approve the payout approach.
The county's financial staff updated the commission on the county's cash positions and an upcoming distribution from an Edmore dissolution.
Lisa told commissioners the county uses an overnight sweep with Bremer/Old National and currently holds about $6,484,000 there (earning roughly 3.9% interest), a treasury account at Western State Bank with just over $1,000,000, and a FEMA account with about $45,000. She said about $319,000 remains in a COVID-related account and noted statements to taxpayers have been delayed but would be issued; taxpayers may pay in person.
Regarding a municipal dissolution, Lisa said Edmore returned roughly $479,000 to Ramsey County that must be held and then distributed to taxpayers. "We have dollars $479,000 sitting in there which we will have to pay out to the taxpayers," she said, and explained the county's new system will pay the funds to the 2023 landowner of record. She asked for commissioners' permission to process those payouts under the county's procedures.
Commissioners asked clarifying questions about where funds are held and timing of PRC refunds and statements; Lisa said PRC refunds (about 2,200 PRCs) will come back to the county likely in June and that statements should be issued by Monday following the meeting.
