Goshen News, Goshen, IN

Local News

February 25, 2014

Interest on Elkhart County investments increases

Not as high as in 2007, though.

GOSHEN — An upward trend? In a sense, yes.

Elkhart County Treasurer Jackie Meyers gave a report Monday morning on the county’s investment activities for 2013. Meyers reported to the Elkhart County Commissioners that interest received by her office last year from all sources totaled $521,399, an increase of $40,095 from the prior year. However, the net interest after service charges to bank accounts totaled $460,670.29, which included interest earned on certificates of deposit.

The return is a far cry from 2007, when total interest received was $7,797,593 before service charges. Total interest before service charges through 2012 includes:

• 2008 — $6,439,534

• 2009 — $3,691,230

• 2010 — $1,118,592

• 2011 — $762,682

• 2012 — $521,399

Meyers reported that during 2013, the interest rate on one money market account stayed the same at .40 percent, while the other dropped from .42 to .12 percent.

Commissioner Frank Lucchese indicated the rate of return shows the economy isn’t back to what it was in 2007 or ’08.

“Things have improved, but it’s not back to where it was,” he said Tuesday. He also pointed out that county officials used to be able to balance their budget with interest earned on investments.

Lucchese said county investments have to be insured by the federal government.

“It’s a lower rate of return, but it’s guaranteed,” he said.

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