It was a short agenda that greeted the commissioners at their regular Tuesday meeting. Perhaps the item that took up the most discussion was where the county should invest its money.
County Chief Finance Officer Pat Merritt said the county has $10 million it can invest it $5 million increments. Normally the county will invest $5 million for three months and $5 million for six months. However, with the economy being in the state that it’s in the return on investing is not very high.
Merritt said if the county invested $5 million with PNC for three months it would only see a little more than $100 in return and the money would not be liquid, meaning the county couldn’t get access to the cash in case of an emergency without paying a penalty. She suggested the county leave $5 million where it currently is with Chesapeake Bank and Trust.
The other $5 million the commissioners agreed to invest with PNC for six months at an interest rate of .15 percent.
At the beginning of the discussion Commissioner Ron Fithian joked the county might see a higher return if they took the money to Dover Downs. BB&T was the other bank that bid for the investments.
In other matters, the commissioners discussed the new county ethics ordinance and some changes made by County Administrator Susie Hayman. The new ordinance is expected to be introduced at next week’s meeting.
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