County board examining expense coverage – Park Rapids Organization

Two county board associates requested that the significance of nearby financial commitment be integrated in the county’s revised financial investment coverage.

Reviewing Hubbard County’s expenditure coverage and system was the primary aim of the county board’s work session Thursday. Right after building modifications suggested by commissioners, the last draft of the plan will be on the agenda for acceptance at the Feb. 21 county board meeting.

County administrator Jeff Cadwell defined that while the the vast majority of the county’s cash is invested locally, the board also wants to take into account in which they can get the finest fascination price when producing expense decisions.

Commissioners Tom Krueger and Char Chrisenson stated they would like to see wording that the county board supports community investing in the revised policy.

Cadwell said that improve will be built right before the ultimate document is introduced to the next county board conference for acceptance.

Commissioner David De La Hunt said the county is searching at investing extra hard cash on hand so it is earning a better rate of fascination as a substitute of sitting in a checking account with very reduced interest.

The county is doing the job with Ehlers, an investment decision broker with a supervisor to give the county suggestions to help make sure they increase their returns. Cadwell said the county moved $4 million to Ehlers.

De La Hunt reported the board demands to take into account the deficit at Heritage Living (a senior facility operated by the county) when deciding how a great deal dollars to continue to keep on hand. Christenson reported they are looking at a favourable craze at Heritage.

Cadwell instructed owning a person fund for the Heritage advanced going again to Jan. 1 of this year to make it a lot easier to see the full image. In the past, there have been individual stories for the nursing home, assisted living centre and memory treatment models at Heritage.

In accordance to a handout talked about at the assembly, the objectives of general public expenditure are security, funds stream and generate.

“Investment is a tool to leverage vital fund equilibrium to offset operational expenses,” Cadwell defined. “Yield from investments is incorporated as a profits item on the present-day operational finances.”

As of Jan. 31 2023 the county’s portfolio bundled:

• Citizens National Financial institution pooled investments of $14.5 million with an curiosity rate of 4.25-4.5%.
• $2 million in the PFM MAGIC fund.
• Ehlers-Pershing financial investment of $4 million with an interest level of 4.25-4.5%.
• Running hard cash $3.6 million with just about no desire.
• All other income $4.5 million.

The county has approximately $29.1 million in funds in these accounts. This consists of $8 million pounds in different checking accounts earning pretty tiny interest. The monthly normal funds needs of the county are marginally more than $3 million.
Pros and disadvantages of investments“Local Investment signifies additional dollars for local lending and gives predictable desire earnings,” Cadwell explained. “There is also an option to make investments additional income-on-hand, supplied the liquidity of the financial investment. On the other hand, community investing is time-consuming and requires searching for the very best prices, investigating existing costs, and trying to fully grasp future markets.

“Managed money are invested to improve generate, optimize invested cash and preserve cash on hand for everyday running needs.”

In other dialogue the board:

• Reviewed committee assignments amongst latest board members and those that may perhaps be most proper for whoever is elected to the commissioner position in District 4, including serving on a committee for the Akeley Trailhead Job.
• Mentioned problems related to the county’s new Deep Lake Park which includes individuals breaking into the previous building and the need for a security digital camera and needing to enable bids before long so buildings can be razed this summer time. 
• Listened to that the bid deadline for the Historic Society’s roof project is approaching.
• Talked over upgrading the county site.
• Listened to that the land commissioner position is remaining reviewed and candidates for the IT posture that opened Jan. 19 will be reviewed soon after purposes shut. 
• Listened to Krueger has acquired numerous calls about transportation issues, specially how to get rides in rural places of the county. 
• Heard from Christenson that the Hubbard County Foodstuff Shelf would benefit from a Facebook webpage to permit persons know when they have deliver and other foodstuff they need to have to give out by an expiration date. It was also proposed that information about the food stuff shelf be posted at the county-owned apartments.
• Listened to from De La Hunt that in his impression the present-day childcare monthly bill does not address the fundamental challenges. “The daycare enterprise design is damaged,” he said. 

The following standard county board meeting will be held at 9 a.m. Tuesday, Feb. 21 at the assembly place in the Hubbard County courthouse, with video clip broadcast on the county site.