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Treasurer says he will shift collections into higher-yield accounts, outlines Farmers/Star Ohio approach
Summary
Treasurer Augustino Ragazino described a process to keep a $30 million liquidity buffer at Farmers and move excess into Star Ohio and the investment portfolio to maximize yield; he cited sample interest tallies and said he expects to begin shifting funds within weeks.
Treasurer Augustino Ragazino described how the county manages operating, liquidity and investment accounts to maximize yield while preserving cash for operations. He said the office keeps an operating account at Huntington for checks and ACHs, a liquidity reserve at Farmers (target $30,000,000) and moves excess funds into Star Ohio or the investment portfolio.
Ragazino cited sample figures: Star Ohio interest of $92,465 for March, a Huntington year-to-date interest figure of $3,003.53, and Farmers interest described as "a little over $540,000." He told the committee he would begin moving money "pretty immediately, probably within the next couple of weeks" to restore Farmers to the target balance and then allocate excess to Star Ohio or the portfolio according to settlement timing.
Ragazino explained that the investment income — the realized interest earned on invested balances — is what flows into the county general fund monthly and that the committee and auditor control spending decisions.
