Sarpy County commissioners add F&M Bank to approved depositories after debate over competition and staff workload

The Sarpy County Board of Commissioners voted on June 16 to add F&M Bank to the county's roster of approved depositories after commissioners debated whether expanding the list would improve competition or simply add work for county staff.

Human Resources and treasurer procedures were discussed during the item titled 5.6 (resolution 20267). The treasurer had recommended denying F&M's application on the basis that the county does not currently have a need for an additional bank and that adding institutions increases reconciliation and paperwork for staff. Commissioners questioned whether excluding a county bank could reduce competition and deprive taxpayers of better rates.

Several commissioners pressed the treasurer on how the approved roster functions and whether there is an objective standard for adding banks. The treasurer explained the office manages monthly bids for investment rates and allocates funds across a roster of depositories; the roster was described as meeting current needs without requiring another bank to service county funds. Commissioners noted market rates fluctuate and said allowing a bank to be on the roster would permit it to bid if conditions change.

Kayla, a member of the clerk's office who clarified the motion on the floor, summarized the amended motion during the debate: "So, you're denying the treasurer's requested relief, which is to deny the application to add the bank to the list, and in turn, you're approving the bank's request to be added." The board then considered an amended motion to approve adding F&M Bank.

Commissioner Warren moved to add F&M Bank to the list of approved depositories; Commissioner Burmaster seconded the motion. The motion passed. The board did not read an individual roll-call tally in the transcript; the clerk recorded the motion as passed.

What happens next: with the board's vote, F&M Bank will be included on Sarpy County's roster of banks eligible to bid on the county's short-term investments and certificates of deposit. The treasurer retains authority to decide where funds are placed month to month under the county's existing bidding practices.

Notes: The discussion referenced the county's practice of using an outside aggregator for some investments (referred to in the meeting as "NPA") and the current roster size of seven approved banks; adding F&M would increase that roster to eight. The resolution on the agenda (20267) had been written to deny the application; the board adopted an amended motion instead to add the bank.