HomeMy WebLinkAbout2023/04/11 - Finance Committee Board of Mason County Commissioners
Special Finance Meeting Agenda
Commission Chambers
411 N 511 St, Shelton,WA 98584
April 11, 2023
9:35 a.m.
1. Call to Order—The Chairperson called the special meeting to order at 9:35 a.m.
2. County Finance Committee Balances
Lisa Frazier shared the Current Expense Cash Balance as of March 31,2023 is$25,415,093.32 which is an
over$4 million increase from 2022. The updated General Fund Reserve and Contingency Policy at the
25%range is$14,223,098.66 less contingency. Total cash and investments$249,079,096.42 and the
Imprest account is$66,025. Total invested funds are$233,060,149.79. Benchmark 90-day T-Bill rate is
4.81%,current State Pool rate is 4.77%,and the Market Rate Yield Agency/Treasury is 0.96%. Return on
investments is above budgeted. The Treasurer's banking cost is$512. County outstanding debt is
$18,736,540.26. Jennifer Beierle shared that the$5 million capital reserve should have been included,
unreserved cash is$9 million. The reserves for vehicles and technology replacement also need to be
included.
3. Old Business
a. No update was received from Loretta Swanson regarding the Skokomish River Restoration or Belfair
Wastewater System.
4. New Business
a. Public Disclosure Commission
Lisa shared the Public Disclosure Commission Attestation must be signed every year stating that those
on the Finance Committee do not hold or have board positions or own shares in the banks that the
County has funds with.
b. Recommendation for Treasurer to Invest Funds
Lisa recommended that the Treasurer invests funds on the behalf of the Health Department(Fund 150)
and Community Support Services(Fund 117).
Cmmr.Trask/Auditor Duenkel moves and seconds to approve recommending to the County
Board of Commissioners that authorization be approved for the County Treasurer to invest excess
funds which are not required for immediate expenditure in the Health Department(Fund 150)
and Community Support Services(Fund 117)as provided for in RCW 36.29.020. All in favor.
Motion carried.
c. Safety of County Funds
Lisa shared that the State of Washington takes public funds very seriously,banks must be approved by
the Public Disclosure Commission and must have assets for collateral when holding public funds.
Collateral limits have been strengthened.
d. Columbia Bank Merger to Umpqua Bank
Lisa shared that Columbia Bank was purchased by Umpqua Bank.
5. Adjournment—the meeting adjourned at 10:00 a.m.
11 Special Finance Committee Meeting
ATTEST: BOARD OF COUNTY COMMISSIONERS
MASON COUNTY,WASHINGTON
McKenzie Smhfi,CIA of the Board
'Sharon Trask,Chair
R dy Nea rlin,Vice-Chair
( LUP.Ak
Kevin Shutty,Commissioner
2 1 Special Finance Committee Meeting