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Portage County adopts revised investment policy, approves $6 million local deposit and asks for revolving-loan fund report
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Summary
The committee adopted an updated investment policy (including a 3.5-year cap on average weighted maturity), heard a report that $6 million was placed with Portage Community Bank at 3.6% for three years, and directed staff to clarify how the $3 million revolving-loan pool is being managed.
PORTAGE COUNTY
The committee voted to adopt a revised county investment policy during a finance meeting where commissioners also heard a report that $6,000,000 had been transferred to Portage Community Bank and asked staff to return with clarification on the countys revolving loan pool.
During discussion of the investment policy redline, commissioners focused on a provision that sets an upper limit on the portfolios average weighted maturity at 3.5 years and a target weighted average maturity of about 2.5 years +/- 0.25. One commissioner asked that the adviser/committee acceptance form show chair and vice-chair titles rather than listing signers only as "commissioners." Eileen confirmed the policy language would be adjusted to reflect the committee positions.
A motion to adopt the investment policy update "as presented today with the amendments" was made, seconded and carried on a voice vote. The chair asked staff to update the document and ensure Eileen and other signatories sign the revised form before leaving.
Separately, Jim reported the county transferred $6,000,000 to Portage Community Bank as part of the countys effort to increase local deposits and support local projects. He said the term was three years at 3.6% and that the county is continuing discussions with other local banks including Hometown and Middlefield.
Commissioners also discussed the countys revolving-loan pool (referred to in the transcript as the program "Growling"). Jim said about $40,000 remains available from an original $3,000,000 allocation and that approximately $225,000 has been repaid into the pool. Several commissioners asked whether the funds are being managed as a true revolving loan fund or if unused funds are being returned to the general fund. They asked staff to place the item back on a future agenda with resolutions and reports so the commissioners can confirm the programs operating rules and current balances.
Minutes from the prior meeting were approved earlier in the session by voice vote.
No other formal financial actions were taken at the meeting; staff will update the investment policy document and provide additional reports on the revolving-loan pool at a future meeting.
