Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
Commissioners update LGIP account signers, open new accounts and approve closure of legacy TSPLOST account
Summary
The board approved opening and updating several Local Government Investment Pool (LGIP) accounts and authorized closing a 2020 TSPLOST LGIP account after project completion; staff noted the practice has generated substantial interest income for county projects.
County staff asked the board to approve opening a 2025 TSPLOST LGIP account and to update resolutions to reflect current authorized check signers on multiple LGIP accounts, including the general account (landfill), the 2026 TSPLOST account, and a general projects LGIP account (formerly ARPA funds). The board approved the requested updates and opening of accounts.
Staff explained the LGIP strategy has generated significant interest income without raising taxes — for example, an investment of $250,000 generated about $800 in interest and larger balances were producing proportionally larger returns. Staff noted the general projects account previously contained ARPA funds (transcript cites approximately $3,000,007.63) and that updated signers and account numbers would be provided to LGIP for verification.
Separately, staff requested approval to close the 2020 TSPLOST LGIP account after the 2025 LMIC project is completed (anticipated in March) and to transfer remaining funds to the 2020 TSPLOST bank account at F&M Bank for remittance to contractor CW Matthews upon receipt of the final invoice. The board authorized the chair to sign closure documents as needed.
Motions to approve the signers, open the new accounts and authorize the closure were made, seconded and carried; the transcript records the motions and 'all in favor' without roll‑call tallies.
