The Middlesex County Board of Supervisors (MCBS) is looking for ways to generate investment revenues from the county’s “fund balance.”
At the county’s Feb. 7 budget work session, MCBS board chairman and Pinetop District representative Lud Kimbrough suggested that the county invest some of the county’s fund balance in “four-week treasury certificates”.
Assistant County Administrator AnnMarie Ricardi suggested putting the funds in a Local Government Investment Pool (LGIP) account with the Virginia Treasury as an alternative since it has comparable interest rates and is equally secure.
Hartfield supervisor John Koontz suggested that an outline of different options be created and brought back to the board as to how the board can get started on this.
County Administrator Matt Walker said that before any investment policies can be considered County Treasurer Traci Wright has to be onboard with the process and she needs to have the approval of supervisors.
What is a “fund balance”?
At the close of the fiscal year in June, unassigned funds left-over are referred to as a fund balance or surplus funds that are available to be assigned. A healthy fund balance is a sign of a fiscally sound government.
