The Washington Times-Herald

Local News

February 18, 2014

County adds new investment policy

After years of doing things the exact same way and seeing diminishing returns, Daviess County officials have decided to try something different with their investments. Daviess County’s taxing units often have millions of dollars sitting in the bank and normally that money sits in either certificates of deposit or a checking account. While both draw some interest, low rates of return have led the county to taking a different approach.

“Interest rates are very low,” said Daviess County Treasurer Elaine Wellman. “We have found that by using a cash management fund we should be able to increase our returns.”

Daviess County has seen its return on investments fall steadily over the last three years. In 2010 the county made $154,000 in interest, $104,000 in 2011, and $70,000 in 2012, and in 2013 interest generated only $68,000. “It keeps coming down because the interest rates keep dropping,” said Wellman.

The cash management fund will allow the county to invest a portion of its money into bonds that are guaranteed by the government or insured by F.D.I.C. “This will go into a pool of multiple funds,” said Wellman. “We are not going to put all of our money in there. At the most maybe two-fifths of the available cash. I want to be cautious with this. We want to make sure it is liquid enough that we can access the county’s money and that most of all it is safe.”

At the same time the county wants to see if it can get a better return on its investment dollars. “We will continue to bid out C.D.s to local financial institutions,” explained Wellman. “This will give us other options. We feel we can raise the interest we receive from point-17 percent to around point-65 percent.”

Daviess County is not the first government agency in Indiana to make the switch. South Bend has reported some positive changes as well by adding a cash management fund.

Officials point out that good investments do have an impact on both what the county can do and on the taxes that people pay. “With the tax caps we’re limited to what we can tax,” said Wellman. “The better investments we can make the more it helps everybody by keeping the tax rates down. To do that we sometimes have to be inventive in the ways we raise money.”

1
Text Only
Local News
  • Wednesday's police report CITY REPORT Tuesday 1:41 p.m. - An employee of Chuckle's, 201 N.E. Fifth St., reported a drive-off worth $10 in gas by a driver in a white Ford Ranger truck. 10:51 a.m. - Jordan Taylor reported an MP3 player stolen from his car while parked at 100 Ch

    April 16, 2014

  • SwearinPolice New police officer, fireman sworn in at meeting During a swearing in ceremony Monday evening prior to the start of the Washington City Council meeting Mayor Joe Wellman welcomed Steve Ford to the fire department and Nicholas Durnil to the police department. Ford, 23, is a native of Covington, Ind

    April 16, 2014 2 Photos

  • Moose.jpg Moose gets visit from Supreme Governor Last week local members of the Moose were treated to a special visit by Moose International Chief Presiding Officer, Supreme Governor Joseph R. Koons at Moose Family Center 1080. "This was a rare opportunity for the community to meet with Supreme G

    April 16, 2014 1 Photo

  • Daviess County hires help for human resource issues The Daviess County Commissioners have approved several contracts including one to bring some professional expertise to human resource issues. The commissioners agreed to a contract with the consulting firm Waggoner, Irwin, Scheele and Associates to p

    April 16, 2014

  • Council to hire 2 part-time employees LOOGOOTEE - The Loogootee City Council agreed Monday night to hire two part-time employees for the Public Works Department. One employee, who would earn $10 per hour, would work for 15 weeks, beginning May 5. Public Works Superintendent Bo Wilson sai

    April 16, 2014

  • Area Briefs Good Friday Closings The following are area closings for Good Friday: PACE Community Action Agency will be closed. City of Washington offices will be closed. There will be no trash pickup, and the city bus will not run. Residents with trash pick up o

    April 16, 2014

  • eastercapture.JPG The Easter Story

    A special section published by the Washington Times Herald celebrating Easter with local church services.

    April 15, 2014 1 Photo

  • 5K fun run at Crane The first annual "Running for our Future" 5K walk/run is scheduled for May 17 at the WestGate@Crane Technology Park. The race is a perfect opportunity to visit the technology park, see the WestGate Academy Conferencing and Training Center, and networ

    April 15, 2014

  • SPT-WT-041514-KNEPP HITTING PIC Vikings drop two games at Barr-Reeve Tournament MONTGOMERY -- The Barr-Reeve girls softball team lost two games Saturday in the Barr-Reeve Tournament with a 4-2 loss in the first game to Clay City and in the final game of the day the Vikings lost to 6-1 to North Posey. The Vikings got a run in the

    April 15, 2014 2 Photos

  • Tuesday's police report CITY REPORT Monday 9:57 a.m. - An employee of Family Dollar, 305 E. Nat'l Hwy., reported a female shoplifter. The female left the store before officers could arrive. 1:53 a.m. - Tonya Glenn, 825 Greenwood St., reported a breaking-and-entering. A cell

    April 15, 2014