Auditor: county cash on hand $210.8 million; ARPA funds now under half and must be spent by 2026
Get AI-powered insights, summaries, and transcripts
Subscribe
Summary
Auditor Jennifer reported Nov. 12 that the county's cash on hand is about $210.8 million, monthly interest of $640,943.40, and that ARPA funds are now less than half remaining and must be spent by 2026; she said the weighted average interest rate is about 4.27%.
Jennifer, the county auditor/treasurer, presented the financial and treasury reports at the Nov. 12 Tippecanoe County Council meeting.
She reported a beginning fund balance of $7,996,572 and additional appropriations of $4,207,318. "We did receive some additional, DOC money of 470,000 bringing us up to 605 for the year," she said, and noted total cash on hand of $210,816,661 with total interest for the month of $640,943.40. She said the weighted average rate in October was about 4.27%.
Jennifer also told the council that ARPA funds are now "less than half" remaining and must be spent by 2026. She said the general fund has collected about 60% of the total for all funds and compared current collections to forecast, noting collections of roughly 86.5% against expectations.
The auditor requested one correction in the minutes (a reference to October rather than September) and the council approved the change as part of the consent agenda.
The council accepted the financial and treasury reports and asked no additional follow-up questions at the meeting.