County Treasurer to Close Bank Accounts and Consolidate Short-Term Funds
Lincoln County Treasurer Alex Gurciullo will close four of the county’s bank accounts and transfer about $ 1.7 million from county funds to accounts that earn more interest, after County Commissioners’ approval on Monday. Lincoln.
The county has 22 separate bank accounts, as well as five certificates of deposit, Gurciullo told commissioners. She said there was no practical reason for the county to have so many bank accounts.
Not only that, but the money in some accounts earns virtually no interest, Gurciullo said.
The board thanked her for her research and diligence and approved the closure of four bank accounts and the opening of a new account at Western Nebraska Bank. The county will receive 0.7% interest on a money market account at WNB.
Gurciullo said it was a great rate – one of the highest rates in the country right now.
County bank accounts will be closed at Union Bank and Trust in Lincoln as well as an affiliate account with the Nebraska Public Agency Investment Trust.
Gurciullo said there was $ 1.3 million in the Union Bank account, but only $ 27.25 with the NPAIT.
More than 20 years ago, several officials were looking for a state-wide cash management system that would provide an investment alternative for short-term funds, according to the NPAIT website. Lincoln County Clerk Becky Rossell said the county has worked with the NPAIT on and off since then. The money was placed with Union Bank.
Gurciullo said county money at Union Bank only earns 0.04% interest.
In addition, an account containing $ 132,000 will be closed at Flatwater Bank in Gothenburg. And, an account will also be closed at Hershey State Bank.
Gurciullo has made it clear that she has nothing against Hershey State Bank. She noted that silver earns 0.4% interest there, which is a relatively respectable return these days. But, the county can earn more (0.7%) at the Western Nebraska Bank.
“I have to consolidate some of these accounts,” she said. “It’s a lot.”
Commissioners unanimously approved all of his actions, with the exception of closing the Hershey State Bank account, which was a 3-1 vote in favor. Jerry Woodruff voted no. The fifth board member, Commissioner Bill Henry, resigned two weeks earlier due to health concerns.
Further, the board assured Gurciullo that it had the authority to transfer $ 2.1 million from a designated credit account at First National Bank to an account that earns more interest. Money can only be deposited into this credit account; it cannot be removed, she said.
After the meeting, Gurciullo told the Bulletin that she learned more about the accounts by going to the banks to fill out their signature cards, a step in giving her access to the accounts. When she learned about the interest rates, she decided to update the situation.
Commissioners generally agreed his actions could spur more competition among banks to hold the county’s short-term money and lead to higher interest income.
In the remaining cases, the board approved two interlocal agreements that were filed a week ago for further research. The agreements with the City of North Platte to share Internet specialists and the agreement to share emergency management services have been extended.
Over the past week, Commissioner Chris Bruns said he reviewed the deal in detail with city administrator Matt Kibbon and they agreed it was fair, Bruns told colleagues.
However, the annual interlocal agreement with the city on road works on the outskirts of the city is still on the table. A road is involved, which is primarily a county road but is partly owned by the city. County District Attorney Tyler Volkmer said he would look into the matter in more detail.
Also, the board of directors:
• Approval of a special liquor permit for the Callaway Market for a reception at the Lincoln County Fairgrounds on October 30th.
• Approval of a special liquor permit by Good Life on the Bricks for a reception at Harbor Lights on October 30th.
• Approval of a right of way agreement with Dawson Public Power for a power line on Stark Road, approximately 5.5 miles northwest of Hershey.
• Approved annual property tax levies for all political subdivisions of Lincoln County. Lincoln County Clerk Becky Rossell brought a revised list of levies to the meeting and said corrections could still be made.
Rossell said that in some other counties the assessments were changed but county clerks were not directly informed, so she would verify the numbers she received. She also said that a school district used the wrong assessment to calculate its levy and that some budget documents were in such small print that they were difficult to read. She said she would continue to work there. Lincoln County has until November 5 to make corrections.
© 2021 Le Bulletin de la Platte Nord. All rights reserved.