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City Administrator says new LGIP account opened through State Treasurer's Office; interest to be monitored
Summary
Chesnee City officials said a new LGIP savings account was opened through the South Carolina State Treasurer's Office; staff will review interest on monthly statements and report back.
City Administrator Delisa Coggins told the Chesnee City Council on Sept. 8 that the city opened a new Local Government Investment Pool (LGIP) savings account through the South Carolina State Treasurer's Office and will review monthly statements to examine interest earned.
The clarification came during the council's New Business discussion. "The account was opened through the SC State Treasurer's Office, and we will examine the interest earned when the monthly statements become available," Coggins said. The council did not take formal action on the item at the meeting.
Why it matters: LGIP accounts are commonly used by municipalities to manage short-term idle cash and may yield interest that accumulates into general or designated funds. Council members asked for clarity so that any earned interest is visible on regular financial reports to the council.
Next steps: City staff will monitor monthly statements and report interest earnings to the council at a future meeting. No ordinance, budget amendment, or formal vote on the account was recorded in the meeting minutes.
The council adjourned without further action on LGIP reporting requirements.
