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Lipscomb County reviews $8.76 million in assets, declines immediate CD purchase
Summary
The commissioners reviewed a treasurer's report showing $8.76 million in county assets and discussed bank guidance that CDs would earn a slightly higher rate than checking; no CD purchase was approved at the March 9 meeting.
Lipscomb County officials reviewed the monthly treasurer's report and discussed short-term investment options but took no immediate action to move funds into certificates of deposit.
Treasurer Kimberly Long told the Commissioners Court that total county assets were $8,763,909.58 and that February interest earned totaled $25,774.72. Long presented account-by-account balances and interest-line detail that the court examined and certified.
Darren Chisum, the county's banking representative from FirstBank Southwest, explained that public‑fund checking or interest-bearing accounts with balances above $1,000,000 earn the 91‑day U.S. Treasury bill rate plus 35 basis points (approximately 4.10% at the time). He said certificates of deposit would pay the Treasury bill rate plus 45 basis points — roughly 0.10 percentage point higher — and that CD rates would be the same across 30-, 90- or 180-day terms. Chisum recommended laddering CDs to preserve liquidity and noted early withdrawals would forfeit accrued interest but not reduce principal. He also described how deposits above the FDIC $250,000 limit are collateralized by pledged government securities in safekeeping.
The court discussed liquidity needs, collateralization, and administrative steps required to place public funds into CDs under state law. No motion was made to invest county general funds into CDs at the March meeting; the court deferred any action pending further review.
The minutes include a routine check register totaling $401,360.37 in disbursements and vendor payables reviewed by the court. Commissioners requested corrections to payee labels and invoice memos as noted in the minutes.
The court certified the treasurer's report in open session as required by Texas Government Code reporting sections presented with the packet. The court carried routine motions unanimously during the meeting.
What happens next: County staff will continue evaluating investment options and bring any proposal back to the court for formal action.
