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File #: RES-2024-1340    Version: 1
Type: Resolution Status: Passed
File created: 10/21/2024 In control: Board of County Commissioners
On agenda: 11/20/2024 Final action: 11/20/2024
Title: RE: Acceptance of the 4th Quarter FY23/24 Investment Report
Attachments: 1. GENESEECNTY-OP_09_24, 2. GENESEECNTY-TR_09_24, 3. GENESEECNTY-DTR_09_24, 4. GENESEECNTY-ARPA_09_24, 5. Legistar Submission Checklist.2023 (003)

To: Martin L. Cousineau, Finance Committee Chairperson

 

From: Deborah L. Cherry, Treasurer

 

title

RE: Acceptance of the 4th Quarter FY23/24 Investment Report

 

recommendation

BOARD ACTION REQUESTED:
The requested action is the acceptance of the 4th quarter investment report for the period ending September 30, 2024.

BACKGROUND:
In accordance with the County Investment policy as well as Public Act 20 of 1943, as amended, MCL 129.96(3), the Treasurer is required to report on a quarterly basis to the County Board of Commissioners.  The Treasurer’s office has utilized Meeder Public Funds to administer our investments in accordance with Public Act 20.  Over the course of the last three years, the interest earned has far exceeded the cost of utilizing the firm.

DISCUSSION:
The Treasurer’s office enlisted the help of an advisor to ensure County funds are invested safely, securely all while earning the best rate possible.  Attached is the year end investment report for fiscal year 2023/2024, for the period ending September 30, 2024. 

IMPACT ON HUMAN RESOURCES:
There is no impact to Human Resources.

IMPACT ON BUDGET:
The adopted budget for FY23/24 included the anticipated interest earned from investing County funds.

IMPACT ON FACILITIES:
Facilities is not impacted by this request.

IMPACT ON TECHNOLOGY:
There is no impact to technology.

CONFORMITY TO COUNTY PRIORITIES:
The county investment policy requires the Treasurer to invest in accordance with PA 20. The Treasurer, with the guidance of our investment advisor, invests funds safely as well as maximize interest earned; therefore, meeting the County priority of Long-Term Financial Stability. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 4th quarter of fiscal year 2023/2024, for the period ending September 30, 2024, 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 request and supporting documents being on file with the official records of the November 13, 2024 meeting of the Finance Committee of this Board).