The Rogers County Treasurer sees an investment policy as a good opportunity to grow.
Treasurer Jason Carini studied surrounding counties and the state statute in his process of creating an investment policy for Rogers County, which was presented to the county commissioners this week.
"When I came in office in July of 2017 the county had three CDs, or certificates of deposit. Those CDs were on autorenewal. Because we were dealing with other, bigger ticket items those just sat in the background. But, this year we decided to address them.," Carini said.
He said the CDs have all expired: One in November, one in December and the last in January.
Carini said the total amount for all three was around $115,000.
"All three are really old. One was formed in 1988, another in 1989 and the third in 1998. So these were really old CDs," he said. "We're always looking for ways to improve things in this office. So when those matured we called them in. In looking to do a new CD with better rates. We started talking to other counties to find the proper procedure and realized that we do not have an investment policy at the county."
Per state statute, Carini said, before the treasurer is allowed to do any investments, the investment policy has to be passed by the county commissioners.
He said the state statute is clear, though limiting.
"It limits how I can invest the county money. For example, I cannot invest in stocks. I can't invest in the market," he said. "Any investment has to be liquid, has to be safe, and has to be diversified."
Carini said he doesn't know that the county has ever had an investment policy—" If they did, it was so far back the documents have been lost."
He said, "A couple surrounding counties have had an active investing program and they've been able to bring in over $200,000 per year in investments. Right now with just money in the bank we're hitting around $30,000 so we have a pretty good opportunity to grow here."