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Treasurer reports bank sweep error and CD decisions for landfill closure funds
Summary
County treasurer told the board that a bank sweep setup error briefly overdrafted the treasury account by $230,000 (the bank waived fees) and commissioners discussed options for reinvesting CDs that fund landfill closure and post-closure obligations.
During the Dec. 15 meeting (year not specified in the transcript), the county treasurer updated the commissioners about two finance items: a bank sweep setup error that caused a temporary $230,000 overdraft in the treasury account and upcoming decisions on certificates of deposit (CDs) tied to landfill closure/post-closure funds.
The treasurer explained the county had added a sweep configuration for warrants and a treasury account, but a step was missed during setup so $130,000 failed to transfer, producing a $230,000 overdraft on the treasurer's account. Staff reported the bank reversed the error and waived related fees. Commissioners were informed the account appears corrected but that monthly reports will reflect the transient overdraft and staff are working with the bank to ensure proper sweep behavior going forward.
On the landfill funds, staff outlined balances and obligations: the closure account was listed at approximately $104,831 and the post-closure account at about $305,000; commissioners discussed leaving the post-closure funds in a CD to ensure funds are available for a 30-year monitoring/inspection obligation and considered whether to move funds to secure slightly higher yields. Staff said they had contacted local banks for competitive rates and would return with recommendations.
Next steps: staff to continue resolving bank sweep setup with the bank, report corrected balances in next month’s financials, and provide CD rate comparisons and recommendation for where to place the closure and post-closure funds.
