Fisher County to seek new financial advisors and investment opportunities

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Vice President with Financial Northeastern Company, Sam Vaughn spoke to the Fisher County Commissioners during Monday’s meeting, discussing the possibility of diversifying future investments to recoup better interest rates. The commissioners agreed to review FNC’s investment proposals for those CDs reaching maturity in upcoming months. The court also approved putting third-party auditing services, as well as legal services for tax collections, up for bid. It was Fisher County Treasurer Jeanna Parks who asked Vaughn to present some information to the court, explaining how currently, all county funds invested in a single bank, having “all of its financial eggs in one basket.” As several of the county’s certificates of deposits (CDs) are reaching maturity soon, Parks thought hearing investment opportunities might be of interest. In her report, Parks referenced interest rates on the current CDs. The county has a total of five $154,000 CDs with an interest rate of 1.5%. These reach maturity in October. Another CD for $254,000 has an interest rate of .85% and matures in October. Vaughn said his job is to make counties feel good about the investment resources it has available for public funds. Operating out of the company’s Austin branch, Vaughn said he works with 65 local governments across the state of Texas, which includes around 25 counties. Collectively, it totals around $180 million invested in CDs, Vaughn said. “Each are tailored to the individual liquidity needs of the entity,”

Between the wide variety of banks and credit unions — each continuously seeking new depositors — Vaughn informed commissioners about how banking is a competitive marketplace. What that means to the county, is when looking to complement its portfolio, higher interest rates can be obtained.

Vaughn assured the court that his company does not operate within equity markets or the derivative marketplace. FNC offers fixed income investment solutions and is in line with the public funds investment act.

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