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Porter County finance meeting approves two‑year investment policy; staff reports $5.3M in general fund
Summary
Porter County finance members moved and seconded approval of the county's investment policy and heard an investment report showing the general fund at about $5.3 million and total funds of roughly $7.1 million. Staff described negotiations with a large bank and a subsequent move of deposits to Centier.
Unidentified Speaker 1 opened the Porter County finance meeting on Jan. 27 and introduced an item to approve the county's investment policy. Unidentified Speaker 2 told members the policy "has been in place for multiple years," described it as "bare bones," and said it allows the county to lock funds for two years, the statutory maximum cited in the discussion.
Speaker 2 presented the investment report, saying, "In 2025, we collected for the general fund, close to $5,300,000," and that the grand total across listed funds was about $7.1 million, compared with $7.7 million the prior year. Speaker 2 also said February balances had fallen from "5.4 to 3.75" as reported in the meeting record (the transcript does not specify units or exact account categories for these month‑to‑month changes).
On the investment policy agenda item Speaker 2 moved approval and the motion was seconded; members present said "aye," and the chair stated the motion carried. The transcript does not record who formally moved or seconded by name or a roll‑call vote tally.
During the report, Speaker 2 described bank negotiations: a long‑standing bank had been charging what Speaker 2 called "inordinate fees," and after staff prepared to move deposits the bank reduced fees and raised the interest rate. Speaker 2 said the county shifted a significant portion of deposits to a local bank, Centier, to diversify exposures and capture a higher rate.
Speaker 1 asked about the protection of deposits given FDIC insurance limits; Speaker 2 replied that deposits are protected under an Indiana statute but did not provide the statute's name. The transcript records the FDIC insurance figure as $250,000 but does not show any documentary citation or additional legal detail.
Next steps recorded in the provided transcript were limited to the motion outcome on the investment policy and the report; the transcript does not record additional formal directions, a detailed vote tally, or the specific statute cited for deposit protection.
Ending: The meeting continued with brief closing remarks and thanks to staff; no further formal actions on investments were recorded in the provided segment.
