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County CFO and advisor defend bank relationship as commissioners press for lower fees
Summary
Clerk's finance staff told the board the county's banking relationship with Truist has improved and now yields are competitive after negotiation and a PFM engagement; commissioners pressed staff for fee detail and asked to explore local bank options.
Joshua Stringfellow, chief financial officer for the Clerk's Office, presented a banking relationship review and options for earnings credits, interest and investment sweep arrangements. Stringfellow said the county maintains roughly $20 million in depository balances, has negotiated with Truist and engaged PFM to seek competitive terms, and is now earning about 3.64% (approx. 84% of the federal funds rate).
"We typically maintain about $20,000,000 between board and clerk in our depository," Stringfellow said, noting the combination of earnings and fee management yields material impact on annual revenue. Commissioner Champion pressed for an itemized fee breakdown and urged staff to consider switching more county deposits to local qualified public depositories; Stringfellow agreed to follow up and said some local banks may qualify as state depositories.
Separately, John Grady of Public Trust Advisors reviewed the county's investment program and macroeconomic outlook, highlighting a balanced laddered approach, high credit quality, and $16.2 million earned interest in the fiscal year to date. "Your portfolio is very highly rated...your book yield is 4.16% and earned interest for the first nine months is $16,200,000," Grady said. Commissioners asked about fee levels, whether alternative banks could provide better net returns, and the implications for budgeting and cash‑flow management.
