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Treasurer outlines investments, proposes reducing Big Ditch account to $5,000
Summary
Treasurer Michelle Longville reviewed quarterly investments and recommended lowering the Big Ditch MMDA balance to $5,000 after a final bond payment, allowing more funds to move into a higher-yield sweep account.
Kingsbury County Treasurer Michelle Longville presented the quarterly report on May 5, describing the county's investment balances and the use of a sweep account to increase interest income. Longville said that after the final bond payment on the Big Ditch is due in May the county could reduce the Big Ditch MMDA account and move additional funds into the sweep account to earn higher returns.
Longville specifically asked to drop the Big Ditch MMDA balance to $5,000 to free funds for sweep investing; Auditor Echo Steffensen said the funds would remain available for repairs and maintenance on the Big Ditch. The Board recorded the request and the matter was scheduled for follow-up as part of routine financial oversight.
