To: Martin L. Cousineau, Finance Committee Chairperson
From: Deborah L. Cherry
title
RE: Acceptance of the 1st Quarter FY23/24 Investment Report
recommendation
BOARD ACTION REQUESTED:
Acceptance of the 1st quarter investment report for the period ending December 31, 2023.
BACKGROUND:
In accordance with Public Act 20 of 1943 as amended, (MCL 129.96(3)), and the Genesee County Investment Policy, the Treasurer is required to report on a quarterly basis to the County Board of Commissioners. Attached is the 1st quarter report for the period ending December 31, 2023.
DISCUSSION:
The Treasurer's office entered a contract with Meeder Public Funds to manage the investments for Genesee County. The last couple of years, they have diversified investments and extended maturity dates to take advantage of higher interest rates, without jeopardizing the cash flow of the County and remaining in accordance with the County Investment Policy.
IMPACT ON HUMAN RESOURCES:
There is no impact on the Human Resources department.
IMPACT ON BUDGET:
The in no impact on the budget other than the investment income included in the adopted FY23/24 budget.
IMPACT ON FACILITIES:
There is no impact on County facilities.
IMPACT ON TECHNOLOGY:
There is no impact to technology.
CONFORMITY TO COUNTY PRIORITIES:
The investment report conforms to the Long-Term Financial Stability of the County by investing County funds within the scope of the County Investment Policy.
resolution
TO THE HONORABLE CHAIRPERSON AND MEMBERS OF THE GENESEE COUNTY BOARD OF COMMISSIONERS, GENESEE COUNTY, MICHIGAN
LADIES AND GENTLEMEN:
BE IT RESOLVED, that this Board of County Commissioners of Genesee County, Michigan, hereby accepts the investment report for the 1st quarter of fiscal year 2023/2024, for the period ending December 31, 2023, as submitted by the Genesee County Treasurer in accordance with MCL 129.96(3) and the Genesee County Investment Policy (a copy of the memorandum requ...
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