To: Martin L. Cousineau, Finance Committee Chairperson
From: Deborah L. Cherry, Treasurer
title
RE: Acceptance of the 2nd Quarter FY23/24 Investment Report
recommendation
BOARD ACTION REQUESTED:
The requested action is the acceptance of the 2nd quarter investment report for the period ending March 31, 2024.
BACKGROUND:
In July 2021, the Treasurer's office entered into a consulting agreement with Meeder Public Funds to advise the office on investments. This agreement was then converted to an advisory agreement in 2022 under which Meeder manages the investments of Genesee County in accordance with the County's investment policy. Meeder has worked within the County's policy to extend maturity dates in order to maximize interest returns on the investments.
DISCUSSION:
In accordance with Public Act 20 of 1943 as amended, MCL129.96(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 investment report for the 2nd quarter for the period ending March 31, 2024.
IMPACT ON HUMAN RESOURCES:
This request has no impact on the Human Resources department.
IMPACT ON BUDGET:
The adopted budget for FY23/24 includes any impact this request would have on the budget.
IMPACT ON FACILITIES:
There is no impact on facilities of the county.
IMPACT ON TECHNOLOGY:
There is no impact on County technology.
CONFORMITY TO COUNTY PRIORITIES:
The county investment policy conforms to County priority of Long Term Financial Stability by investing funds within the policy as well as maximizing the interest on investments.
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 2nd quarter of fiscal year 2023/2024, for the period ending March ...
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