To: Martin L. Cousineau, Finance Committee Chairperson
From: Deborah L. Cherry, Treasurer
title
RE: Acceptance of the 3rd quarter FY23/24 investment report
recommendation
BOARD ACTION REQUESTED:
The requested action is the acceptance of the 3rd quarter investment report for the period ending June 30, 2024.
BACKGROUND:
The Treasurer's office entered into an advisory agreement in 2022 with Meeder Public Fund to manage the investments of Genesee County. By working with Meeder and taking advantage of the favorable interest rates, the County has been able to maximize interest earned on investments. Investment interest has increased since entering the agreement with Meeder, and the Treasurer's office is working with Meeder within the policy to extend the maturity dates to continue to take advantage of the higher interest rates.
DISCUSSION:
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 investment report for the period ending June 30, 2024.
IMPACT ON HUMAN RESOURCES:
There is no impact on Human Resources.
IMPACT ON BUDGET:
The projected interest revenue was included in the adopted budget for FY23/24.
IMPACT ON FACILITIES:
There is no impact on facilities
IMPACT ON TECHNOLOGY:
There is no impact on technology.
CONFORMITY TO COUNTY PRIORITIES:
The county investment policy conforms to long term financial stability by ensuring the county funds are secure and invested in a way to maximize returns. Investing County funds in secure investments means County programs can continue to promote healthy, livable and safe communities.
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 ...
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