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Board approves investment policy and carries forward more than $6.5 million in ARPA funds
Summary
Garfield County commissioners adopted an investment policy citing Oklahoma statute, designated depository banks, and approved cancellations/carry-forwards of multiple FY2024 fund balances including $6,567,115.36 in the American Rescue Plan Act fund.
The Garfield County Board of County Commissioners on July 1 adopted a county investment policy and authorized a set of fund transfers and carry-forwards for fiscal year 2024.
Commissioner David Loesch moved to approve Resolution #24-79 adopting the Garfield County Investment Policy in compliance with Oklahoma Statutes Title 62, Section 348.1, and Resolution #24-80 designating county depository banks. Both motions passed unanimously.
The board then approved a series of resolutions authorizing the investment of surplus cash for multiple county funds and the cancellation of appropriation account balances with carry-forward requests. Among the carry-forwards approved were: Highway-Unrestricted ($3,747,498.08), Highway-CBRI ($2,250,438.58), County Use Tax ($966,715.80), Rural Fire-Sales Tax ($2,527,263.55) and the American Rescue Plan Act fund ($6,567,115.36). The minutes record unanimous approval of each item (Aye: Reese Wedel, Clarence Maly, David Loesch).
Commissioners also approved Resolution #24-88 directing the county treasurer to deposit subsequent sinking-fund collections to the County General Fund. The motions on investments and cancellations were votes to implement standard fiscal-year closing and cash-management tasks; the minutes do not show substantive debate or public comment.
The board adjourned and scheduled its next meeting for July 8, 2024.
