The county earned a substantial amount of more money in 2023 on investments than it did in 2022.
During the Kosciusko County Commissioners meeting Tuesday, they held their Board of Finance meeting, which they do every January.
Reviewing the investment earnings for the year, County Treasurer Michelle Puckett told them, “As the county does not have a traditional investment, their money is sitting in a bank account at Lake City Bank that we get a Federal Plus rate, which typically is 40 points higher than the average interest rate.”
She said they ended the month of December with the interest on funds in the county’s account at a rate of 5.88%. For 2023, the total interest earned was $5,235,515.78.
“That was a substantial increase from prior year 2022,” Puckett said. The interest earned in 2022 was $1,941,335.86.
“So that was an increase of $3,294,179.92. The majority of that interest is in your county general fund, so county general alone, on the increase interest for 2023 was $2.9 million, so that interest stayed in county general and helped support the cash balance that runs all the expenses out of your general fund,” she said.
Commissioner Bob Conley said, “Quite an increase. I know our jaw dropped two years ago when we didn’t make hardly any. ... Luckily, it turned around with your investment prowess and the way you handle your office and those balances reflect that.”
Puckett said the economy is “definitely” something they keep an eye on, as well as interest rates and whether they’re going up or down.
“As those interest rates increase, it’s wise for us to keep on the same path we have been in previous years because we do get such a great rate on that account. But, as economies change, like I said, we are keeping an eye on that. If interest rates start going down, it may be wise to look at traditional investments to really lock in that higher rate. So, that is something as a Board of Finance and as the treasurer we do keep an eye on,” she said.
Also, as part of the Board of Finance meeting, the commissioners approved Conley to serve as the board’s president and secretary; the investment policy for the board for 2024; and the cancellation of warrants totaling $11,072.13.
On the warrants cancellation, Puckett explained, “Each year, I present to you the unpaid warrants that were two years or more past the due date of written.”
The auditor’s office will void the warrants and those dollars will go back into the fund that they originated from.
Earlier in the meeting, Kosciusko County Parks and Recreation Board Vice President Aggie Sweeney presented the commissioners with an agreement with Triad Associates Inc. for the Lake City greenway (Chinworth trail) extension.
“So, with the $750,000 that has already been approved from ARPA (American Rescue Plan Act) funds for the greenway extension, Chinworth trail, along Old U.S. 30, what we’re asking you to approve today is the base project design and engineering services for that,” she said.
The parks board, after receiving a number of proposals, voted to hire Triad Associates Nov. 30.
“We’ve talked with them. We want to get started on just the base project now, and we anticipate coming back to you in the weeks ahead to ask for additional allocation for design and engineering services for the rest of the trail,” Sweeney said.
The trail will go all the way out to the county line.
“We want to get it started - the design and engineering - and then come back later for additional appropriation,” she stated. “So what’s in front of you is just the approval of $60,000 for the base project design and engineering with Triad Associates.”
Commissioner Cary Groninger congratulated the Parks and Recreation Department for their hard work on the project.
“We had some big quotes that we were able to look at and I think this is a good move to get the project started because those funds, we do have a deadline,” he said.
ARPA funds have to be allocated by the end of this year and spent by the end of 2026.
“So getting this first initial project off and running I think is really important that we get that done soon,” Groninger said, making a motion to approve the contract with Triad for the first phase of the trail extension and giving Conley, the 2024 president of the commissioners, the authority to sign the contract. The motion passed unanimously.
In other business, the commissioners approved:
• The real estate purchase agreement, sales disclosure and commissioners deed related to the property at the intersection of CR 900S and Smalley Lane in Claypool, as requested by county attorney Ed Ormsby.
At the Dec. 5 commissioners meeting, they approved the auction of the property with the minimum bid set at $5,000. The county had taken over the property for cleanup and health concerns, but wanted to get it back on the tax roles.
The bid came in at $13,200 from Nathaniel and Rawaleigh Myers.
• Signing the plans for small structure (bridge) 320, which is off T26, as requested by Kosciusko County Highway Superintendent Steve Moriarty. They also approved the stage 3 plans and drawings for bridge 227 on Hand Street in Warsaw.
• The reallocation of unused ARPA funds that were provided to the Beaman Home to be used by the Beaman Home for windows at Mary Ann’s Place. The funds total $11,500 and the reallocation was approved by the county’s ARPA Committee. The original grant to the Beaman Home for work at Mary Ann’s Place was $44,000.
“These were funds that were already allocated from ARPA, we’re just reallocating them. (Beaman Home Executive Director) Renea (Salyer) was frugal with the dollars that she got on the $44,000. The expenses weren’t quite as much as what she thought for the original work, so she’s doing additional work. So we’re just approving the use of money that was already appropriated, that $11,500, for additional windows at Mary Ann’s Place,” Groninger explained.
• Community Corrections Director Barry Andrew’s annual request to apply for two Community Corrections grants from the Indiana Department of Corrections. One is for $350,755 for home detention, and the other is for $82,746 for Drug Court.
• A $10,111 quote from D & D Electric to clean up the cabling in the county clerk’s office in preparation for the Justice Building renovation work, which is expected to start by the end of February, as requested by County Administrator Marsha McSherry.
• The annual recertification for the National Flood Insurance Program’s community rating system, as presented by Area Plan Assistant Director Andrew Heltzel.
• The reappointment of Joe Cleland to another four-year term to the Lakeland Regional Sewer District. His term will expire April 18, 2028.
• The clarification that Matt Metzger’s reappointment term to the County Parks and Recreation Board is for four years, not two years, so his term ends Dec. 31, 2027.
The commissioners’ next meeting is at 9 a.m. Feb. 13.