Funds consolidating in Lincoln County
NORTH PLATTE, Neb. (KNOP) - During the Lincoln County Commissioners’ meeting Monday, the discussion was about consolidating the funds for Lincoln County by closing several bank accounts.
These bank accounts include: Union Bank and Trust, Nebraska Public Agency Investment Trust, Flatwater Bank and Hershey State Bank. The plan for the consolidation is to open up a bank account at the Western Nebraska Bank.
This is going to help out the taxpayers, increase interest and to make things simpler for the Lincoln County Commissioners’ Office.
“It’s simplify, hopefully recover a little more interest earnings for the taxpayers so we can put that money in the general funds,” District 2 Commissioner Kent Weems said. “It’ll just be the better return on the money that comes in under the county’s watch. The impact would be positive.”
With this consolidation, this will increase the current interest rates in the county and this will allow for more money to come into the city and county.
“Because some of those funds are earning absolutely nothing. Some are earning .015 to .03 and so forth, " Weems said. “It appears we’re going to see some funds in excess of a million, maybe 2 million dollars and beyond, as time goes on, that we will be receiving .07% return for money that is parked in those accounts.”
According from the Lincoln County Commissioners’ Office, the interest rates of .7% is pretty significant in earnings in the environment that they are in.
These changes to the funding of Lincoln County Commissioners’ Office will be effective within the next few days.
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