[Nameplate] Partly Cloudy ~ 63°F  
High: 70°F ~ Low: 57°F
Friday, Apr. 29, 2016

Michael elected president of county Board of Finance

Thursday, January 3, 2013

The Greene County Board of Finance got a snapshot glimpse of the county's financial coffers Thursday that showed substantial local investments.

Commissioner Ed Michael was elected president of the Board of Finance as the first order of business in the yearly meeting. Commissioner Nathan Abrams was elected vice president.

New Greene County Treasurer Kelly Zimmerly, who serves as secretary of the Board of Finance, stated in her annual report there was $3,547,453.22 in three checking accounts at MainSource Bank ($3,137,414.56), Bloomfield State Bank ($300,784.90) and Regions Bank ($109,253.76) as of Dec. 31, 2012.

The board also reviewed seven certificates of deposits held for the county by Bloomfield State Bank totaling $2,743,880.

The largest, a $750,000, 182-day CD at a rate of .15 percent for the Greene County Building Fund, is due Jan. 8.

The county also has a $554,000 CD in the Major Moves (highway) Fund, 182 days with .15 percent interest rate, that matures Jan. 9.

Michael was given the authority to talk with the treasurer and seek quotes to re-invest the CDs.

Zimmerly pointed out that she can make the calls to get the quotes, but it's up to the county commissioners to decide where to invest it.

Commissioner's President Rick Graves, who also serves on the Board of Finance, suggested it will be best to invest the money locally.

"We want go where we can get the most money (in interest) and keep it in the county if at all possible," he said. "I don't care who it is in the county."

Other CDs held at Bloomfield State Bank include: $546,324 Reassessment Fund (.13 percent, 182 days, matures May 17, 2013); $500,000 Reassessment Fund (.13 percent, six months, matures May 12, 2013); $25,000 in the Congressional School Interest Fund (.25 percent, 12 months, matures June 30, 2013); and $18,556 in the Congressional School Principal Fund (.25 percent, 12 months, matures June 30, 2013).

Graves, speaking to Zimmerly, said, "We'd like to see you make all of the money you can on this (the CDs)."

Zimmerly replied, "It's kind of pathetic what the local banks are paying on CDs (in interest)."

Auditor Matt Baker noted, "The one place you have a chance to make more money is CDs. Otherwise the services at all the banks are about the same. We haven't found anybody better than Bloomfield State."

Respond to this story

Posting a comment requires free registration: