My Northern Wisconsin

Covering Ashland, Iron, Lincoln, Oneida, Price, Rusk, Sawyer, Taylor, and Vilas Counties


COUNTY CASH RESERVES BEING INVESTED AND FAIRGROUNDS UPDATE


   

COUNTY CASH RESERVES

At a December meeting of the county board, it was approved that some of the county's cash reserves would be put into CDs or bonds to receive higher interest rates than they would be receiving in a checking or savings account, according to County Administrator Nick Trimner.

He stated that several other counties participate in this type of investing with PMA, known as PMA Financial Network, LLC and PMA Securities, LLC.  "PMA approached me at a conference, which, in turn, I brought the conversation to the full board for consideration."

Nick feels the county should see a significant increase in the amount of money it receives in interest.  "I'm not aware of any cons or high risk issues," he added.

Short-term funds and long-term funds will be invested.  "The strategy used is like a ladder," Nick explained.  "We will look at 3, 5, 9, [and] 12 month investments.  So every three months we would have an opportunity to review a portion of the investment."

He said the county is not investing excess money.  "It is money that is set aside for our minimum required reserves and for projects that have not been completed yet."  During our interview in December, Nick stated that the amount had not yet been determined at that time.

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FAIRGROUNDS UPDATE

Regarding the fairgrounds, a rumor was going around that the property was not going to be sold to the Baratkas due to a failed wetlands survey.  County Administrator Nick Trimner said the opposite is true.  "We got the reports back, and it is not a flood plain, so the purchaser wants to continue with the sale."
(This post was last modified: 01-11-2023, 08:23 PM by My Northern Wisconsin.)