The Hancock County Board of Supervisors on Monday authorized County Administrator Eddie Favre to work with Trinity Capital Investors to implement an investment program.
Supervisors President Blaine LaFontaine said one of his concerns included "tying up" a large amount of the county's funds in investments, "even though the way Trinity is structured, it allows us to pull that money at any given time."
"Right now, we're projecting this fiscal year about $6.6 million cash balance in the general fund," LaFontaine said. "Eddie, the team and our employees have rolled in over $3 million in settlement funds from different projects or other accounts."
If the county invested about $3 million for a 36-to-39-month term, LaFontaine said, and with a yield of about three percent annually, it would generate about $400,000 interest.
LaFontaine added that he viewed the investment as a "low-risk opportunity."
"It gives you more capital spending three years or two years from now," he said. "And it doesn't impact your operations at all."
The motion passed unanimously and also included the stipulation that the initial investment amount not exceed $4 million for the first 36-month term.
In other action:
• Cathy Pitalo with the Hancock Resource Center asked the board to spread the word about the program, "Community Conversations on Opioid Abuse."
The event is sponsored by HRC, the Hancock County Library System and Hancock Youth for Positive Efforts (HYPE).
Speakers scheduled for the event include: Rhonda Rhodes, president of Hancock Resource Center; Casey Favre, director of health services at the Hancock County Sheriff's Office; Pam Cross, regional director for MDCPS; Michael Fay, ER director at Ochsner Medical Center Hancock; Nancy Clark, CASA advocate; Hancock County Sheriff Ricky Adam; Lt. Daryl Russell, Hancock County Sheriff's Office Narcotics Division; and Hancock County resident Leo Hawkins.
The event is scheduled for Aug. 30 from 6 to 7:30 p.m. at the Bay St. Louis Library in the Seal Meeting Room.
Interested parties may RSVP to Pitalo at firstname.lastname@example.org.
The board presented a commendation to Bonnie Heffron in recognition of her 23 years of service to Hancock County.
The board approved a resolution creating The Arena Development Committee. Appointed members are: LaFontaine, Supervisor Bo Ladner, Tax Assessor Jimmie Ladner, Hancock County Port and Harbor Executive Director Bill Cork, engineer Geoff Clemens, architect Ed Wikoff, and parks and recreation director Kevin Ladner.
A public budget hearing for the FY 2019 budget is scheduled for Sept. 4 at 2 p.m.
The State of the County address is scheduled for Sept. 5 at 8 a.m. at the Hollywood Casino.
The next regular board meeting is scheduled for Sept. 4 at 9 a.m.