You can skip to global navigation, local navigation, content or closing navigation.

Audit Finance: Investments

The Audit-Finance Department is responsible for tracking cash and making investments when idle funds are available. Once idle funds are identified, Audit-Finance contacts eligible local banking institutions for bids. The bids are logged and the institution with the best bid receives the funds for investment. These funds are invested in secured Certificates of Deposits or Treasury Bills. The investment amount and term are determined by using a “calendar project” spreadsheet which projects future revenues and expenses based on known data and predictions of future activity. The majority of the funds are invested with maturity dates that correspond to dates for distributions, bond payments or allocations. This provides for a maximum investment term.

In 2005 the interest earned for the General Fund was $1,492,348 and in 2006 this increased to $2,644,583. The interest earned from investments is allocated to the general fund as well as other County interest earning accounts.

At the end of the month, Audit-Finance compiles an investment portfolio. The portfolio includes performance statistics including total investments, weighted yield, and interest income.