INVESTMENT UPDATE … Williams County Treasurer Kellie Gray gave her quarterly report to the commissioners during the morning of October 24, 2022. Seated beside her is incoming new commissioner Bart Westfall and across from her are Commissioners Terry Rummel and Lew Hilkert. (PHOTO BY REBECCA MILLER, STAFF)
By: Rebecca Miller
Williams County Treasurer Kellie Gray met with the commissioners for their quarterly update on how the county money is doing investment wise.
As it was Gray’s meeting, the minutes for the commissioners were suspended and roll call had Gray and Commissioners Terry Rummel and Lew Hilkert present for the October 24, 2022 Investment Advisory Board meeting.
After the review and approval of the July 25, 2022 minutes Gray shared the 3rd Quarter 2022 Investment Movement, beginning by saying that things are going really well since the last meeting, as interest rates have gone up.
She informed the commissioners that there were four CDs at F&M Bank that were only earning .33% and two at Waterford Bank that were only earning .45%, so she reached out to the banks asking if she could call those CDs and reinvest them, staying at the same banks.
When they were reinvested, the ones at F&M are now at 2.15% and at Waterford it is now 2.9%.
“That gives us the opportunity to pick up an additional $90,000 in interest,” she explained, as they are now at a considerably higher rate.
She proceeded to report on other aspects of the county investments, ending by sharing, “Going forward into 2023, if rates stay the same, we might be seeing some of the securities and CDs getting around $400,000 in interest.”
“If we keep the $25 million that is sitting in the general fund, at 2.5 to 3%, it could be around $600,000 in additional interest for the county.”
The commissioners thanked Gray for the good job she is doing on behalf of the county in reinvestment and for the report.
With no further business, the advisory meeting adjourned.
Earlier in the morning, an executive session was held with Judge Gallagher for compensation, with Bart Westfall also present.
They came out of executive session with no action taken and following a short recess after the advisory update, went into regular session. Approval was given for:
- Resolution 267 Supplemental Appropriations
- minutes of previous meeting and payment of bills
- also signed: credit card appropriation on behalf of engineer’s office for October 2022; Permit to work within county/township road right of way from Airmate Waterline Extension Project for Bryan Municipal Utilities
- motion to extend the DORA district indefinitely to allow alcohol to be consumed in the DORA district and the boundaries outside the area, pertaining to the outside sidewalks of the courthouse, with the exception of during Jubilee, for which is will be suspended.
Rebecca can be reached at rebecca@thevillagereporter.com