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Monroe County adopts 2026 public funds investment policy, reviews $152M portfolio
Summary
The Monroe County Board of Finance on Jan. 29 approved its 2026 Public Funds Investment Management Policy and reviewed a portfolio of about $152 million, with officials emphasizing safety, local banking relationships and daily controls to guard against fraud.
Monroe County commissioners and finance staff approved the county's Public Funds Investment Management Policy for 2026 and reviewed a report on the county's cash and investments during a Jan. 29 meeting at the Monroe County Courthouse.
County Commissioner Jody Madera opened the session and the board voted to adopt the policy, which officials said is unchanged from the prior year and will be signed by the three commissioners and the treasurer. The treasurer said the county prioritizes "safety, liquidity and interest" and that the policy limits maturities so "we do not invest anything longer than five years." The board recorded vocal approval during the motion to adopt.
The treasurer presented the county's portfolio and internal control practices. She described daily reconciliations, "positive-pay" checks to prevent fraud and dual-ledger accounting that matches the county's books to the auditor's records. Staff members Bridget DeVitt and Kyle Sturgeon were introduced as the county's banking manager and ledger manager who conduct those checks. DeVitt said, "This will be my third year as the financial banking manager," describing daily oversight of bank activity.
Bank partner Jean Emery of German American Bank spoke to the board about her institution's capacity and safety ratings, saying the bank is "headquartered at Jasper, Indiana" and that it is an "$8,400,000,000 bank" that had been ranked by national outlets. Emery spoke after the treasurer introduced her as one of the county's public funds banks.
On portfolio composition, the treasurer reported approximately $152 million in investments: about $49,000,431 held in Trust Indiana (a pooled state investment product; the treasurer cited a recent rate of roughly 3.65 percent), roughly $33 million in certificates of deposit, $20 million in municipal bonds and treasury notes, and about $15.8 million in checking. The treasurer said the county's interest income for 2025 was about $6,982,000 and noted a recently cashed $7.5 million CD at IU Credit Union.
The board was also told that the county's approved depository list was still dated July 1, 2020, and that an addendum is expected; the treasurer said she had helped Scott Trilling, the account manager at IU Credit Union, get on the list so the county could keep deposits local. The treasurer reported $8,462 in stale warrants (uncashed checks) that must be processed and returned to county accounts under the applicable statute.
Votes at a glance: the board approved the Jan. 30, 2025 minutes; elected a three-person officer slate for 2026 (the motion passed by voice vote); and adopted the 2026 Public Funds Investment Management Policy (voice approval recorded). The policy requires signatures from the three commissioners and the treasurer before it is used for bank bids and other formal banking processes.
The meeting opened a brief public-comment period. Resident Lynn Coyne asked whether comment was limited to items already discussed; the board clarified public comment was restricted to Board of Finance matters. With no further public comment the chair closed the session.
