HERMANN — Even though Gasconade County government is receiving an attractive interest rate on its investments, County Treasurer Mike Feagan wants to convert an upcoming Certificate of Deposit …
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HERMANN — Even though Gasconade County government is receiving an attractive interest rate on its investments, County Treasurer Mike Feagan wants to convert an upcoming Certificate of Deposit that comes due this week into cold hard cash as officials get set to begin another budget process later this year, rather than roll it over for another two months.
“I want everything here,” Feagan told the County Commission Thursday morning, adding that he wants to have all funding available for the budget process that his office and the County Clerk’s Office will begin working on in the next couple months. “We can always go back in February” and put unencumbered funds back into an interest-bearing Certificate of Deposit.
The Treasurer’s Office earlier this year took advantage of a new investment program offered by the county’s financial institution, Peoples Savings Bank. The shorter-term CD has an attractive interest rate that has produced a substantial amount of revenue for county government, according to Feagan.
The 13-week CD comes due this week and the Commission gave Feagan the green light to cash it in and place the money in the regular account.
County Clerk Lesa Lietzow, the county’s chief budget officer, last week told the Commission that it’s time for county officials to more closely watch the budget numbers going into the final four months of the year. The various officeholders will be putting together their 2024 budget requests in November with the County Clerk’s Office crafting a proposed budget in December as a clearer picture emerges of year-end revenues and expenditures,
Feagan’s reference to CD investments being made in February is because the county’s new operating budget normally is not in place until the end of January. Even though the budget year begins Jan. 1 with the start of a new calendar year, 3rd-Class counties have until the end of January to formally adopt a new operating budget. February is also when county government begins writing checks again to meet payroll and pay other expenses.
Commissioners will not meet Sept. 7 in Owensville due to a county clerk’s conference staff will be attending.
