Board of Finance - Regular Meeting

Okay, we are at 9:30. Commissioner ordered what? I'm just trained to do it. So, well, um, welcome to the January 27th board of finance meeting. I'm calling the meeting to order. The first item is reorganization. So, I nominate Barbara. Second. Okay, we have a motion and a second to nominate her present. All in favor say I. I. Okay. Approval of investment policy. This

this is the policy has been padded for multiple years. It's just standard boiler plate. It allows us only for 2 years which is the statutory amount to lock in monies. Uh so it has nothing uh fancy or or extra in it. It's a bare bones policy. Mhm. staff. Any comments on the investment policy? Okay. Do we have a motion for approval? So move second. We have a motion and a second for approval of the Border County, Indiana investment policy. All those in favor say I. I. Motion carries. Preview of 2025 investments.

Um okay. You have an investment report. Uh this shows uh various categories of funds that we have monies for. Uh in 2025 uh we collected for the general fund. Uh close to $5.3 million as see there uh which is uh less than last year with the uh Fed rate calling. Um the other funds are listed individually. You see uh some of the individual bond funds and uh you'll notice that uh let's see the 24 bond uh we uh collected over $900,000 uh for that bond itself. that had more money in it to begin with, but then it's the last. It started off the highest balance because it's newer and so we were able to cut quite a bit of money in there. So, grand total 7.1. You'll see that that's uh less than the 7.7 last year, but the uh Fed rate has fallen from 5.4 to 3.75. Um we have an ongoing arrangement with one of the banks. we get the Fed rate uh less 10 basis points and that has helped us achieve a solid rate going with these funds for the last two years. Um we don't put all our money in one bank. We just spit it out. So we do have lower rates than we did as well. Um we didn't have major wind this year. Um we one of our bigger banks where we traditionally have had a ton of money uh

would charge us inordinate fees and uh that lowered our interest rate in essence and uh we miss Michelle plans to try to get them to uh lower the fees. They would not. We talked about changing banks. I got my ducks in a row said I had it scheduled. They backed down. They removed uh ton of our fees and increase their interest rate. How does still jerk it? That's what it took to get their attention. How does still jerk?

It's the it's the accounts that we've had for decades and it was a lot of work on the auditor's office to make the switch. Uh they were still at the same bank. We were not wanting to put and and it allows us to put monies in different banks which is one of the things we try to do. We what we have done is loan a large chunk of our monies to a local bank sent which uh we purposely park $50 million there to get this favorable rate. Can

I just ask you um you know FDI insurance is $250,000. Is there any way that we can protect ourselves in the event of a bank failure? We're protected by an Indiana statute. uh they have a separate um I forget the name of it. We're protected under Indiana statute, not under the federal and that's where we put monies in large amounts in a bank. So, I'll have to look up the name that I recall that off hand.

Okay. Anything else? Any other businesses coming before the board? I don't see anybody who's paying attention to this meeting back there. Sorry, he's on his phone. Okay, wear yourself.