Barton County’s funds are safe and secure, and well cared for, County Treasurer Jim Jordan told the County Commission Monday morning.
As a start-of-the-year reorganizational housekeeping item, commissioners approved Monday the designated official depositories for county funds. These included American State Bank, Bank of the West, Community Bank of the Midwest, Farmers Bank and Trust, First Kansas Bank, Landmark National Bank, Sunflower Bank, and Wilson State Bank, all in Barton County, and the Kansas Municipal Investment Pool.
To be considered, institutions must meet the 100% pledged securities requirement for all county funds, Jordan said. In addition, county resolutions require that all depositories must provide to the county treasurer and the financial officer proof of security for these funds whenever such information is requested.
Jordan was asked about the KMIP. “That keeps the local banks honest,” he said.
The pool has a minimum set interest rate that it abides by. “So if I call a bank in town and say ‘what’s your rate for a CD and its 1.25%, I call the municipal fund and if they are at 1.35 I go with the higher one.”
Usually, most banks are following these rates, he said.
“So, there wouldn’t be very many reasons why a local bank couldn’t at least match that?” Commissioner Jennifer Schartz said.
“Correct,” Jordan said. “Most of the time they do.”
In response to a question from Commissioner Jim Dailey, there have been “percentage wars,” Jordan said. But, “Barton County does a very good job managing its funds.”