EL RENO – Canadian County money should be invested in Canadian County, officials said this week.
County commissioners are expected to approve a resolution Monday ensuring the county treasurer deposits excess funds in financial institutions that have a physical presence in Canadian County.
Treasurer Carolyn Leck said for the most part that should not be a problem.
Leck said the county uses three banks for its investments, two of which have a physical presence in the county – Bank of Oklahoma and Yukon National Bank.
The third bank is Bank of the West, which has branches in Oklahoma City.
All three use collateralized CDs for investments she said.
Bank of the West is carrying about $2.5 million in county investments, said Leck.
The county’s total investment in the three banks is more than $25 million.
“It is just a drop in the bucket,” she said of the Bank of the West investments
Leck said that while depositing the money in local banks isn’t a problem, investments would be. The money is dispersed across the nation to get the best possible returns for the county’s investments.
“I do what is best for the county,” she said.
The county has done business with three banks for more than two decades, Leck said.
Commissioner Dave Anderson suggested making the change so that the county’s funds stay local.
“I worked with the DA on a resolution that was a little more specific about how we place our investments,” Anderson said.
The idea, he said, it to invest in the county by dealing with banks that are local and hire local employees.
“I feel like it is a good business model for us to invest our funds in county banks,” he said.
District 1 Commissioner Marc Hader agreed, but voiced concerns about possibly losing money by pulling investments. He also was hoping for a timeline when the change could take place.
“I’m not trying to complicate things, but I don’t want us to drag it out,” Hader said.
Leck, who did not attend Monday’s meeting because of a treasurer’s sale, said Thursday the county should not lose any money when moving investments. She said
“It won’t affect us at all,” she said.
Leck said the current investments have an out-clause, that allows the county to move money in case of emergencies. And the county’s investments are constantly maturing.
“It’s the only way we can do things,” she said.
The Canadian County commissioners will have a full agenda before them when they meet Monday at 9 a.m. in the county courthouse in El Reno.
Among the items are:
· An update on the county’s 401(a) and 457 retirement plans from Nationwide;
· Review of a quote for liability and property insurance;
· Consider approval of an agreement for on-demand engineering services;
· Consider awarding contracts for six-month bids for road project materials;
· Consider a financing bid for equipment totaling $6,715.05 per month for five years;
· Consider a relocation agreement with AT&T for relocation of utilities related to the Calumet Road project;
· Consider accepting a REAP Grant for a project in District 2. Total value of the grant is $95,499.60;
· Consider approval of a contract with Atlas Construction for the Maple Road Project in Union City;
· Consider approval of a survey contract for an area of Walbaum Road in District 3;
· Renewal of agreements for software, engineering and real estate information for the county assessor;
· Consider several contracts for the county juvenile justice facility;
· Consider seeking bids for a pickup for the county fair;
· Consider several contracts for the health department.