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County investments increased by almost $600,000 in 2018

By John Estridge, Editor

Franklin County's investments grew by $573,602.92 in 2018.

Franklin County Treasurer Veronica Voelker made that announcement and more at the Franklin County Commissioners meeting on Tuesday, Jan. 29.

Voelker spoke to the commissioners after the commissioners opened the Franklin County Financial Board meeting. The commissioners act as the financial board.

Prior to getting into the numbers, Voelker led the commissioners in getting officers named for the board. Commission president Tom Wilson continued on as the financial board president. Voelker remains as the board's secretary.

According to Voelker, the county's fund cash balance at the beginning of 2018 was $12,100,781.37. Twelve months later on Dec. 31, 2018 the balance was $12,143,953.58, which is a gain of $43,172.21.

Then Voelker started talking about investments.

Overall, the investments increased from $1,085,595.04 on Jan. 1, 2018 to $1,659,197.96 on Dec. 31, 2018, a difference of almost $600,000.

Voelker then deconstructed the total investments by breaking apart the current individual investments.

They are:

A $200,000 investment (CD) at Bath State Bank Investments for the Highway Department. It was purchased on July 11, 2018 and will mature one year later on July 11, 2019. It is at 2 percent interest.

A $250,000 investment (CD) at Bath State Bank Investments per county monthly premium portion. This means it is insurance related. It was purchased on Oct. 25, 2018 and will mature on Oct. 25, 2019. It has an interest rate of 2.5 percent.

A $232,499.70 investment with Trust Indiana for a Bond 2 Government Center. This is money the bond company would not accept advanced payment for. It has an interest rate at 2.19 percent. It was purchased on March 13, 2018 and will mature on March 13, 2020. Trust Indiana is a banking institution with the state.

A $11,698.26 investment with Trust Indiana for Park Non-reverting at 2.19 percent interest. It was purchased on March 16, 2018 and will mature on March 16, 2020.

A $115,000 investment with Trust Indiana for Cumulative Capital Development at 2.19 percent interest. It was purchased on April 2, 2018 and will mature on April 2, 2020.

A $500,000 investment with Trust Indiana for the county monthly premium portion at 2.19 percent interest. It was purchased on Oct. 24, 2018 and will mature on Oct. 24, 2020.

A $100,000 investment with Trust Indiana for Economic Development Highway Department at 2.19 percent interest. It was purchased on Oct. 25, 2018 and will mature on Oct. 25, 2020.

A $250,000 investment with Bath State Bank Investments for county monthly premium portion at 2.75 percent interest. It was purchased on Oct. 25, 2018 and will mature on Oct. 25, 2020.

Voelker said once the investments mature, she will go through the quote process for reinvestment.

The three Financial Board members unanimously approved the Financial Report.

The Financial Board meets once a quarter. Voelker said the next meeting will be in April.






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