Supervisors Discuss Investing in Trust

SIGOURNEY – During the May 18 meeting of the Keokuk County Board of Supervisors, the board discussed investing county funds in the Iowa Public Agency Investment Trust. If invested, county money will receive an interest rate of 5.07%, compared to the rate of 0.6% county funds receive at local banks. Conservation Department Director Pie Reighard asked if the higher interest rates would affect the budget of his department, whose general fund would be invested in the trust. The supervisors told Reighard his budget would ot be affected.

Reighard stated that the county was making money off his department’s money. Supervisor Mike Hadley stated it was the taxpayers money. Rieghard countered that a large part of the Conservation Department’s budget comes from camping fees. Supervisor Daryl Wood stated that this was not different from how interest was handled before. Rieghard argued that 5.07% interest is a lot more substantial than 0.6%. Rieghard asked the supervisors to remember this when deciding next year’s budget, noting the Conservation Department was planning a $280,000 paving project. Wood said Rieghard was asking for more money. Rieghard said he was not asking for more money. Hadley stated that the county’s growth is heavily restricted, meaning the supervisors have to do everything they can to maintain the county and grow the money they already have. He stated that he did not expect the interest rate to stay at 5.07% for very long.

County Treasurer Christine Edmundson Long stated that other counties she had spoken to had invested in the trust and loved the results. County Attorney Amber Thompson, who was asked to look over the agreement, told the supervisors she wasn’t given all of the documents she would need to look over to give proper advice; the supervisors tabled the discussion for one week to give Thompson time to look over the documents.