Laserfiche WebLink
Vice Chairman Davis questioned whether it would be beneficial to move surplus funds <br />into an investment with a higher yield. <br />Clerk of Circuit Court and Comptroller Jeffrey R. Smith said that he is statutorily <br />required to invest the County's surplus funds, revealed they are 96% secure, and reminded the <br />Commissioners that with more security comes less return. He explained: (1) the County's <br />investment policy; (2) why his staff recently moved $43,000,000 into fully collateralized money <br />market accounts and $3,000,000 into a 2 -year CD; (3) why it is important to deal with nothing <br />less than a 5 -star bank with a Qualified Public Depository (QPD)• and (5) the three principals of <br />investing government funds (safety, liquidity, and return), which has been used by staff to <br />increase rates. <br />There was a brief discussion pertaining to the portfolio ladder, reviewing and bidding the <br />banking contract, and the benefits of using Treasuries versus Certificate of Deposits. <br />Administrator Baird emphasized that the Comptroller and his staff have done an excellent <br />Job with the County's investments over the years. <br />Chairman O'Bryan felt it is a win-win situation to pay off any bond, reduce the outflow, <br />and receive higher returns. <br />12.H. RECREATION - NONE <br />12.L PUBLIC WORKS - NONE <br />12. J. UTILITIES SERVICES - NONE <br />13. COUNTY ATTORNEY MATTERS - NONE <br />February 4, 2014 17 <br />