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Grand Traverse County treasurer outlines audit findings, aims to reconcile accounts by November
Summary
Treasurer Jamie Callahan told county commissioners the office fell behind on reconciliations and investment reporting during last year’s transition, outlined a plan to be current by November and said about $14.7 million is managed by the county’s advisor Robinson at roughly 4.3% return.
Jamie Callahan, Grand Traverse County treasurer, told the Board of Commissioners he inherited reconciliation and reporting gaps from 2024 and has put a plan in place to get the office current by November.
Callahan said he officially started in the office on Jan. 1, 2025, and found staff had fallen behind on month‑end reconciliations and some account access. "We were pretty responsive to the auditors' requests for information," Callahan said, but added that transitioning access to online account statements slowed responses in some instances. He said the treasurer's office is cross‑training staff and developing standard operating procedures to avoid recurrence.
The treasurer reported roughly $14.7 million is invested with the county’s advisor, Robinson, earning about 4.3% across that portfolio. Callahan told commissioners there are another roughly $70–75 million in cash and other accounts, including municipal pooled cash (CLAS), and that many CD holdings currently yield about 4% though bank CD rates are declining.
Commissioners pushed for clearer investment reporting and context. "Without context, knowing we've earned $1,500,000 in interest year to date doesn't really tell us where we're at," Commissioner Andrews said, asking for pie‑chart‑style breakdowns of where cash is held and the earning rates for each account. Callahan said he plans quarterly investment reports and could provide monthly snapshots; he expects a first corrected quarterly report from Robinson next week and to include it in a subsequent packet.
On bank reconciliations, Callahan acknowledged the office is not currently meeting the recommended 30‑day timeline and said staff expect to be caught up by November with assistance from the finance department. "We're looking at November," he said when asked when 30‑day reconciliations would be achieved.
County administration said it has met with the treasurer and is comfortable with progress but agrees there is work remaining. Commissioners asked staff to follow up with Robinson’s performance material and to bring clearer quarterly reports and a breakdown of interest income to future packets. The board did not take a formal action beyond the discussion; Commissioners offered to schedule a follow‑up presentation when the first complete quarterly report is available.
What happens next: Callahan expects corrected quarterly investment reports soon, a plan to achieve 30‑day reconciliations by November, and a follow‑up presentation to the board once the first reconciled quarter is complete.
