Information

Type: Deliberation

Department: TREAS - Treasurer

Directors' Update: Feb. 1, 2023

Business Meeting: Feb. 7, 2023

Summary:

The Lewis County Treasurer is authorized to invest as part of the Lewis County General Fund Clearing Fund No. 6810 all unexpended money not specifically referenced in statute or where a grant agreement requires that the grant revenue be invested and related interest earned be credited to the benefit and purpose of the underlying grant.

Publications:

Cover Letter To:

Additional Copies To: Countywide

Resolution

WHEREAS, the Board of County Commissioners (BOCC) passed Resolution 14-289 in 2014 to amend the allocation for investment earnings of the General Fund Clearing Fund No. 6810; and

WHEREAS, the County Finance Committee has reviewed Resolution 14-289 and found it to be reasonable but recommends clarifying statements with respect to legally restricted county funds, grants and the related investments and interest earned or allocated; and

WHEREAS, there are certain county funds that are specifically referenced in statute to have their own investments and retain related interest earned or allocated; and

WHEREAS, the county may have certain state and federal grants where the grant agreement requires the grant revenue be invested and related interest earned or allocated be credited to the benefit and purpose of the underlying grant.

NOW THEREFORE BE IT RESOLVED that the Lewis County Treasurer is authorized to invest as part of the Lewis County General Fund Clearing Fund No. 6810 all unexpended money not specifically identified for investment, except for any funds which are specifically referenced in statute to have their own investments and retain related interest earned or allocated; and

NOW THEREFORE BE IT FURTHER RESOLVED that the Treasurer shall invest separately any State and Federal Grants where the grant agreement requires that the grant revenue be invested and related interest earned or allocated be credited to the benefit and purpose of the underlying grant; and

NOW THEREFORE BE IT FURTHER RESOLVED unless otherwise specifically addressed by recommendation of the Finance Committee and thereafter adopted by the Board, distribution of allowable investment earnings will be made 100% to the Current Expense Fund No. 0010. This resolution shall supersede and repeal Resolution 14-289 as well as any other resolutions or policies in conflict with the provisions of this resolution.

DONE IN OPEN SESSION this 7th day of February, 2023.