Rising interest rates allowed Crawford County to reinvest more than $1.5 million in reserve funds at higher interest rates than in 2021.
At their Wednesday meeting, Crawford County commissioners voted unanimously to ratify the county investment committee’s recommendation to move an expired certificate of deposit, or CD, into two separate investments with the Pennsylvania Local Government Investment Trust (PLGIT).
Last year, the county invested the $1.5 million in reserve funds in a 12-month CD at 0.4% interest at Farmers National Bank. The $1.5 million CD has now matured and includes $6,009.01 in interest earned over the past 12 months.
The Investment Committee recommended reinvesting $756,009.01 in a 12-month investment at 1.81% annual interest and $750,000 in a nine-month investment at 1.3%, both with PLGIT, according to County Treasurer Christine Krzysiak and Commissioner Christopher Soff.
The $1.5 million is part of more than $7 million in county reserve funds and funds from an investment program in January 2015 with funds from restricted-use accounts. The money is used to generate income from earnings and interest for items such as capital goods or compensation for salary increases.
The County Investment Committee is made up of Soff and Krzysiak; County Finance Officer Stephanie Franz; Mark Peaster, the assistant commissioners who develops specifications for county contracts; and Bob Muth, who previously served as chief investment officer at Meadville Medical Center.