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M.C. Board of Finance Meeting

January 17, 2012

01/18/12 An increase in interest earned was a highlight of the Marshall County Board of Finance Tuesday morning.  The makeup of the board is the three county commissioners and the county treasurer.

Treasurer Debbie VanDeMark presented the outstanding warrants (checks) that had not been cashed and are over 2 years old.  Typically the list will have a number of checks but this year only one was on the list.  Charlie Munroe has failed to cash a check in the amount of $445.98 and the letter sent to him informing him of such was returned.

A review of the 2011 financial report shows that the County has a Cash Management account at Lake City Bank and keeping the required amount in the bank the County’s interest rate was .75%.  At the end of the year the county had earned a total of $220,064.06 in interest, up about $106,000 from 2010. 

Over the course of the past 12 years interest rates have really changed for the cash management account.  In 2002 rates ranged from 1.19% up to 1.67%.  In 2006 and 2007 interest rates were outrageous and ranged from 4.62% up to 5.52%.  Interest earned in 2006 was $1.1 million and in 2007 it was $1.3 million.  Other years were 2008 – $649,975.67, 2009 – $112,305.00, and 2010 – $114,013.66.  

Marshall County also has three savings accounts; one in the First State Bank that earns .35% or $6,203.80, one in the Indiana Trust Bank that earns .13% or $1,966.80 and one at Key Bank that earns .15% or $816.57 in 2011.

Taking a look at the County accounts at the end of the year showed healthy balances.  The Cash Management Account at Lake City Bank had a balance of $24,284,271.81.  The savings account in the First State Bank had a balance of $1,211,332.15 while the account at Indiana Trust has $1,170,643.81. The Key Bank savings account had a balance of $438,662.89.

Commissioner Greg Compton did ask to disclose that the account in Key Bank is through the Indianapolis office.