By Cheryl Splain, KnoxPages.com Reporter
MOUNT VERNON — At Monday’s meeting of the County Investment Advisory Committee, Knox County Treasurer reported that interest income on the county’s investments increased more than $46,000 through the first two quarters of 2016 compared to the same time frame in 2015.
The county averages over $22 million in investments. A $700,000 bond that matured on Aug. 4 will be reinvested in the four-to-five-year range, as will another $700,000 bond due to mature on Aug. 10. Coon said that average interest rates on four- and five-year bonds are around 1.8 percent or 1.86 percent, up from 1.7 to 1.75 percent. “The four- to five-year range is still a little volatile. As long as we keep seeing it go up, that’s a good thing,” she said.
Two bonds in the amount of $248,000 and $1 million will mature in December. Coon noted that First-Knox National Bank is offering low rates; People’s Bank is trying to stay competitive. “I try to keep as much local as we can, but they have to be competitive,” she said.
The County Investment Advisory Committee is comprised of Coon and Commissioners Teresa Bemiller and Roger Reed. The committee will meet next on Monday, Nov. 14, at 9:45 a.m.