PUBLIC MONEY: County updates investment policy [Yahoo! Finance]
First Citizens BancShares, Inc. - Class A (FCNCA)
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Source: Yahoo! Finance
On Wednesday, nearly 26 years later, the county commission approved a comprehensive new policy for those investments, capping an effort started last summer by former county treasurer Heidi Scheppe. The policy was finalized by Sarah Gum, the new county treasurer who took office in late January. "Our investment policy was so old that it made sense to do it all at once rather than piecemeal," Scheppe said. "With the Work Day software the county is now using, they can get good numbers in real time and have a much better handle on cash flow." On any given day, Grand Traverse County has about $14 million invested in more than 40 accounts, mostly government bonds and bank CDs. Officials said this money isn't "surplus" cash sitting around for a rainy day. Rather, it's almost all designated to specific county functions, such as ongoing operations, debt payments, grant-restricted initiatives and capital projects. In Michigan, counties must comply with Public Act 20 of 1943, which strictl
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- 4/25/24 - Beat
FCNCA
Sec Filings
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- FCNCA's page on the SEC website