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Commission selects Bank of Commerce for half‑cent sales‑tax account and grants treasurer view access
Summary
Gabby Sands recommended Bank of Commerce for the county half‑cent retailer sales‑tax account because of a higher estimated return (~3.5%), no routine fees and required collateralization; commissioners approved the selection and granted view-only online access to the treasurer.
The Neosho County Board of Commissioners on Feb. 10 accepted a recommendation from staff to open the half‑cent retailer sales‑tax account at Bank of Commerce.
Gabby Sands presented results from four of six proposals and recommended Bank of Commerce, citing an estimated return of roughly 3.5% (comparable to short-term U.S. Treasury rates), no monthly or platform fees (a $1,000 minimum balance applies), unlimited online reporting, and compliance with Kansas statutes for collateralization of public funds. Sands noted other bidders offered lower estimated returns (Community National Bank and Trust ~3.0%; Commercial Bank 2.9%; Price Bank 2.6%) and additional platform or balance requirements.
A commissioner moved to accept the Bank of Commerce proposal for the half-cent sales-tax account and to grant view-only online access to specified county staff (the treasurer and deputies). The motion carried. Sands will provide account setup details and online-access permissions.
Why it matters: Choosing the county depository for the sales-tax account affects interest earnings on restricted road‑use dollars and the administrative access for finance staff. The higher interest estimate was presented as a way to stretch road-and-bridge project dollars without raising taxes.
What's next: Treasurer and clerk’s office will finalize account setup, designate view-only and transactional roles as appropriate, and report back to the commission if additional changes are needed.
