To clarify my position in the statement in the article from November 13, 2015 in the Fallon County Times, in reference to the position of Chief Administrative Officer. As Fallon County Treasurer I would like to make the following comments.
As County Treasurer, I am responsible for all investing of “County Monies”. The Chief Administrative Officer will only review the investments and give advice. As for the money that was stated laying around in a local bank account, “this money does not all belong to Fallon County”. A very large portion belongs to the Baker School District and Plevna School District. I am custodian for all county and school funds, but cannot invest money for the school without being instructed by the school district clerk, via the school board. I am governed by statute in what I can legally invest County money in.
As in any business, the County has bills to pay monthly and payroll as well, These bills are paid out of both bank accounts for both county and school districts. At times this can result in some months paying millions of dollars. Therefore, there has to be money left in the banks, versus not all invested. Not having adequate money in the bank can result in registering warrants with the bank. This would then result in the County paying the bank a higher interest rate so the bank would cover the warrants. The County would not be ahead to over-invest in this situation. Basically registering warrants is like borrowing money from the bank to cover claims and payroll.
As the Treasurer, “Safety of principal is the foremost objective of the investment program.”
For more Information on County investment practices in accordance with Montana Statute visit www.mt.gov MCA 7-6-202, 7-6-206, 7-1-6-2111(1), 7-6-612(3).
Barbara E. Ketterling
Fallon County Treasurer/
Supported by Steve Baldwin
Fallon County Commissioner
(via phone call)