Previous discussions about investing the bulk of the County’s ARPA funds into 12 laddered Certificates of Deposit was continued on Monday, July 12th.
Creek County Treasurer Don Engle presented a spreadsheet the Board requested with details of the transactions. The plan involves placing $6.9M total into twelve $575K CDs with maturity dates staggered each month for the next year. This would leave roughly $46K of the funds liquid.
Engle reported that the County is currently collecting $28.55 a day in interest, or around $10,400 a year. His plan would allow the County to collect $13,228.35 in interest a year.
Although the Board thanked Engle for his work, the commissioners ultimately decided to wait to see which proposed projects will be ready to commence soon and how much of the funds they will have to invest in each of them. They will revisit the idea in the future.
The application process for ARPA funds received by Creek County was discussed at length. Assistant District Attorney Andrew Goforth noted that the final rule period ends this Friday, July 16th, and that that will ultimately dictate the process.
In the meantime, the Board discussed potential uses for the funds, including a new Emergency Management facility, a new location for the Election Board, inspections of bridges spanning less than 20 feet, and better broadband between all County buildings. “We need to do something long-term to leave for our kids and grandkids,” District #1 Commissioner Newt Stephens stated.
This item will be discussed further at upcoming meetings.
