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.