Madison County Commission accepts treasurer's report after review of CD maturities and cash-management options
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Summary
Commission members reviewed maturing certificates of deposit, a roughly $11 million ICS/money-market balance and short-term reinvestment options; the body accepted the treasurer's report by roll call, with three recorded yes votes.
Madison County commissioners reviewed upcoming certificate-of-deposit maturities and county cash-management practices Monday, then voted to accept the treasurer's report.
During the discussion, a commissioner asked Stacy about a $3,000,000 CD that had matured Nov. 20; Stacy said interest was paid and that the proceeds were reinvested into treasuries. Commissioners detailed additional near-term maturities: $3,000,000 and $5,000,000 due on Jan. 8 and $3,000,000 due Feb. 19, and asked how to balance reinvestment with expected project outlays.
Stacy described a roughly $11,000,000 pooled ICS/money-market account that can be swept into the county's checking account same day if transfer requests are submitted before 11 a.m.; otherwise transfers arrive the next business day. She said the pooled account recently yielded about 3% (down from near 4% earlier), and recommended considering short-term CDs (three months or similar) to capture higher short-duration yields while preserving liquidity for projects.
Commissioners and staff also discussed practical constraints in placing large CD purchases immediately: banks and broker-sourced CDs often accept limited amounts at once, which can leave excess cash sitting in low- or zero-interest accounts until it can be deployed. Participants contrasted overnight liquidity in checking (the county typically maintains about $3 million to $5 million for daily operations) with higher yields available in short-term instruments.
The discussion touched on the county's procurement-card rebate program as a supplemental revenue source, with staff noting some vendors charge convenience fees that offset rebates but that many large purchases can still benefit from card rebates.
After discussion, a roll call vote to accept the treasurer's report was taken and recorded as "Yes" by Mr. Shayne, Dr. Smeekis and Mr. Wallace. The report was accepted.
The commission did not adopt any new investment policy during the meeting; staff said they will continue to manage maturities and provide options for reinvestment and short-term placements as projects require.