PLYMOUTH — The Marshall County Board of Finance voted unanimously to change the way interest income is deposited for four funds.
The Board of Finance, by state statute, is made up of the County Commissioners (Jesse Bohannon, Adam Faulstich, and Stan Klotz) along with the Marshall County Treasurer (Sandra Dodson). This board has the responsibility of supervising the allocation of public depositories for all public funds of the county. The county treasurer is also considered the custodian of all money belonging to the county and the investing officer of these funds, working in conjunction with the board of county commissioners to determine local public depositories.
County Auditor Angie Birchmeier told the board that four funds in the county budget did not have statutory limitations on where interest income could be deposited: the Special LIT (Local Income Tax), Cumulative Capital Development, Cumulative Bridge, and Rainy Day.
County Council President Tim Harmon had requested that the Commissioners allow the interest collected for those funds to be deposited into the General Fund, where they could be distributed for other needs.
In making the move, the Finance Board stated it was to provide maximum flexibility for the Council with county funds. The change will take place with all interest money for those funds starting with September.
