The County’s Interest in Interest

by Katie McGraw on July 29, 2013 at 6:48 am

Prior to the investment meeting Monday, the County Commissioners accepted requests from area banks,who want to protect the county’s money for the next three years.

Currently, The Community Bank is the county’s general checking account holder and the county’s investments use Century National Bank. Monday, six banks provided information such as service fees and interest rates.

"Well right now it is at .36 (percent),” said Commissioner Jerry Lavy. “So that’s on our sweep account but the other investment accounts are various rates. But everyone knows, interest rates for investments is down to next to nothing, so we are trying to get the best rate that we can because part of that interest goes into the county general revenue fund which helps fund the county."

Muskingum County Treasurer, Carol Friel and her office, will review the proposals and make a recommendation to the commissioners for which bank or banks to choose.

"I have not seen them except for what we opened here today. So once we can get those and we can review them to see which is the best; because you know there are all kinds of different fees that can be attached and in addition to the interest rates we are looking for the best deal that we can make for the county."

The county has to make a decision by August 8th and if they decide on a different bank, the switch will occur in September.