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Scott County Visitors Commission discusses account transfers, interest and recent tax deposit
Summary
Commission members reviewed a financial report showing a $631,793.57 ending balance, questioned a $50 refund tied to a county account transfer, and directed staff to get an update about whether funds are in an interest-bearing account after a recent tax check of $26,232.74.
The Chair opened discussion of the commission’s financial report and a staff member read the figures, reporting an ending cash balance of $631,793.57. Members asked about a $50 refund; the staff member said it was a refund resulting from switching the commission’s accounts over to the county after a bill was paid twice.
Members pressed whether funds were being held in an interest-bearing account and whether interest was reflected in the report. The Chair and a committee member said they had expected the account to bear interest after a transfer, and the staff member confirmed the transfer to county checking had been made but did not confirm that interest postings had been applied to the commission’s report.
Discussion named Ryan Payne as the county treasurer who handled the transfer, and the group agreed to follow up: a committee member said Chris would request a status update about the account and any steps needed to place funds in an interest-bearing vehicle or certificate of deposit.
The staff member also reported the commission received a May tax check for $26,232.74 yesterday; members said that deposit will increase the account toward roughly $670,000. The Chair moved to approve the financial report; a committee member seconded and the Chair indicated the motion carried.
Next steps: staff will request clarification from county treasury staff about where funds are held and whether interest will be earned and reported; the commission agreed to revisit any needed account changes at a future meeting.
