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Committee notes four capital projects; directs separate retainage accounts
Summary
Committee members reported four upcoming projects over $500,000 and asked staff to open separate interest-bearing retainage accounts and to share bid/invoice details once available.
During new business the committee was told there are four capital projects expected to exceed $500,000 that will require separate retainage accounts. A committee member said the county will take a 5% retainage when contractors invoice and that retainage must be held in labeled, interest‑bearing accounts until project completion.
The member identified one awarded contractor—Rogers Group—for an upcoming project (compared to prior work described as the Trane equipment purchase) and said several projects relate to water/wastewater authority work that involves TDEC. Committee staff said some funds originate from federal sources and that revised ARPA guidance had permitted broader revenue recognition in the past.
Members agreed staff should specify minimum account opening amounts once bids and invoices are available and asked for an emailed schedule of project financing. The trustee and staff said they would coordinate account setup and provide copies of the March 2024 draft investment policy and related materials to committee members before the next meeting.
The meeting adjourned after members confirmed they would receive copies of the materials and that follow‑up would occur at the scheduled meeting next week.
