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Morgan County treasurer reports $5.28 million in 2025 interest; commissioners approve encumbered funds carryover
Summary
Treasurer reported $5,276,648 in interest earned in 2025 and projected about $4,000,000 for 2026; commissioners approved encumbered funds of $11,769,695.51 to carry into 2026 and discussed ARPA obligations.
The Morgan County treasurer told commissioners that "the total amount of interest earned in bank accounts and CDs was $5,276,648" in 2025 and said lower interest rates mean the county may earn roughly $4,000,000 in 2026. He described investing $85 million in jumbo CDs, noting a quoted rate of about 3.96% on one instrument, and said the county opened accounts at BMO and Home Bank to accept property tax payments.
The commission then reviewed the encumbered funds report. County staff (Linda) said encumbered funds appropriated in the 2025 budget but invoiced or contracted late total $11,769,695.51: $327,726.31 in the general fund and $11,441,969.20 in special funds. Staff noted ARPA-funded items remain obligated and that spending/obligations are continuing into 2026.
The council moved to approve carrying the encumbered funds into 2026 and approved the report by voice vote.
Why it matters: Interest earnings affect available operating revenue and cash-flow planning; encumbered funds represent commitments that will reduce available 2026 appropriations until paid. Commissioners asked staff to re-evaluate 2026 interest estimates for budget planning.
Next steps: Staff will update 2026 budget estimates for interest earnings and continue to report on ARPA obligations and encumbrances.
