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Yankton County poised to consider moving reserves into South Dakota FIT to boost returns
Summary
Task force members reviewed a presentation on the South Dakota FIT investment program and proposed a resolution to move most county savings (excluding the general fund) into the program, citing a projected yield around 3% and an estimated annual increase in revenue of about $100,000.
Task force members reviewed a presentation from a South Dakota investment program and proposed a resolution to shift most county savings (except the general fund) into the program to pursue higher yields.
A committee member summarized the South Dakota FIT presentation as offering money-market treasury instruments, U.S. agency securities and certificates of deposit and said the program showed a sample guarantee of roughly "3.03%" on certain instruments. The same member said a resolution will be brought to the commission to move county savings into the program and estimated the change "could increase revenue by a $100,000 annually" if funds remain at similar levels.
Members emphasized verifying the presentation’s assumptions and coordinating with the county treasurer before acting. The chair and others said the matter should be presented at the commission meeting and reviewed by the treasurer and appropriate staff before any funds are moved.
Next steps: the task force signaled it would place a resolution on the commission agenda (noting staff and the treasurer must confirm details) and asked staff to confirm whether placing funds in the program satisfies county legal and treasury rules.
