BURKE COUNTY BOARD OF COMMISSIONERS
March 14, 2012
The Finance Committee of the Burke County Board of Commissioners met on Wednesday March 14,
2012 at 3:00 PM at the Burke County Courthouse. Finance Chairman Henry Tinley called the meeting
to order. Commissioners in attendance were Lucious Abrams and Allen DeLaigle. Also in attendance
was Finance Director, Michael Wiseman and County Administrator, Merv Waldrop.
The first order of business was to consider the bids for CD’s for investment of tax revenue. The bids
were opened at the Regular Meeting the night before and referred to the Finance Committee. They came
in as follows:
$1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $1,000,000 $250,000
Financial Inst. 3 month 3 month 3 month 6 month 6 month 6 month 6 month
Capital City Bank 0.10% 0.10% 0.10% 0.10% 0.10% 0.10% 0.10%
First National Bank
SunTrust Bank 0.15% 0.15% 0.15% 0.15% 0.15% 0.10% 0.10%
Queensborough Bk 0.25% 0.25%
Flagstar Bank** 0.35% 0.35% 0.35% 0.40% 0.40% 0.40% 0.65%
** = Flagstar Bank wishes to participate in the CDARS program, which means the CDs will be
deposited in many banks for $250,000.
Mr. Wiseman explained that the CDARS program is reinvestment of our money with other banks in
small amounts but it could be hard to recover in the event of a bank failure. It was noted that our current
money market account has a rate of return at 0.15%. The recommendation from staff was to take out
two CD’s with Queensborough Bank for 6 months and for 3 months at 0.25% interest and to leave the
rest of the funds in the money market account. Mr. Abrams moved to open two CD’s at Queensborough
for $1,000,000 each for a 3 month term and a 6 month term, leaving the rest in the Money Market
account at Capital City Bank. Mr. DeLaigle seconded the motion and it was passed on a 3 to 0 vote.
The next item of business was for the Committee to review the invoices for the month of February.
Being no further business the meeting adjourned at 4:16 PM.
Henry Tinley, Finance Chairman Lucious Abrams
Allen DeLaigle Merv Waldrop, Administrator