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Committee authorizes County Manager and Treasurer to set allocation between LGIP and bank accounts
Summary
The Finance Committee voted to allow the County Manager and Treasurer to determine allocation between the Local Government Investment Pool (LGIP) and the county's current bank to manage cash investing; motion carried unanimously. The action gives staff discretion to manage short-term cash placement.
The committee voted Jan. 20 to delegate authority to the County Manager and Treasurer to determine how to allocate county cash between the Local Government Investment Pool (LGIP) and the county's main bank account.
The minutes record a motion by Lutgen, seconded by Lauer, with the outcome recorded as “All yes, carried.” The delegation gives the manager and treasurer discretion to manage liquidity and yields on short-term cash, subject to county policy and any statutory limits. The minutes do not record specific allocation targets or limits; those will be determined administratively by the assigned officials.
