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Budget and Finance Committee approves minutes, budget amendments and a laddered $2 million CD investment
Summary
The committee approved January minutes, trustee balances and four budget amendments, and authorized investing $2 million from the Capital Projects (171) fund into laddered certificates of deposit (25% 6-month @4.00%, 25% 12-month @3.95%, 50% 24-month @3.75%). Interest will return to the capital fund.
The Budget and Finance Committee approved its January minutes, multiple budget amendments and a plan to invest $2,000,000 from the capital projects (171) fund into laddered certificates of deposit.
Chair opened the meeting and, after a motion by Mister Ford and a second from Dennis, the committee approved the minutes by voice vote. Later, the committee approved trustee balances on a motion by Ford, seconded by Jeff Gregory.
The committee considered current CD offers from local banks—6 months at 4.00%, 12 months at 3.95% and 24 months at 3.75%—and discussed whether to split the $2,000,000 to preserve cash flow. Dennis Hewitt proposed a laddering strategy and moved that the county place 25% ($500,000) in a 6-month CD at 4.00%, 25% in a 12-month CD at 3.95%, and 50% in a 24-month CD at 3.75%, with any interest earned returning to the 171 Capital Outlays account to be used for future CD purchases. "I make a motion that we put the $2,000,000 based on the ladder that I just spoke on," Hewitt said; the motion was seconded by Mister Gulley and carried by voice vote.
Separately, the committee approved four budget amendments that included an insurance-recovery allocation to the sheriff's department, a $33,210 fund-balance draw to cover increased medical insurance premiums, and an internal transfer of $22,000 to fund EMS billing services for the remainder of the fiscal year. Mister Atwood moved to approve all amendments and Mister Gulley seconded; the committee approved the package by voice vote.
Chair stressed the procedural nature of these approvals and noted the committee will revisit some items during the work session. The meeting adjourned after no public comments were offered.
Votes at a glance: - Approval of January minutes — motion: Mister Ford; second: Dennis; outcome: approved by voice vote. - Approval of trustee balances — motion: Mister Ford; second: Jeff Gregory; outcome: approved by voice vote. - Approval of four budget amendments — motion: Mister Atwood; second: Mister Gulley; outcome: approved by voice vote. - Authorization to invest $2,000,000 from fund 171 in laddered CDs — motion: Dennis Hewitt; second: Mister Gulley; outcome: approved by voice vote. Interest to be returned to 171 Capital Outlays.
The committee did not provide recorded roll-call tallies; outcomes were recorded as passed by voice vote. No public comment was offered at the meeting's close.
