Kokomo Tribune; Kokomo, Indiana

Local News

February 2, 2013

Public eye - Sunday, Feb. 3, 2013

(Continued)

A financial hit

Most people who have a savings account or a certificate of deposit with local financial institutions know that the current interest rates aren’t exactly a windfall.

For local units of government with millions to invest, interest revenue once provided a significant amount of additional funding.

Last year, Howard County earned $133,599 on investments of $11 million, according to Treasurer Ann Wells. That may sound like a great deal of funding, but not in comparison to the $2.3 million earned in 2007.

Wells said the interest earned last year was the lowest amount since 2001.

She said the interest earned is distributed based on a percentage to nine different funds, the county’s general fund earned $98,904 in interest.

Bonita Guffey, Tipton County Treasurer, said the county earned only $22,966 on investments in 2012. That compares to the $92,858 earned in 2009.

Guffey said the county has not invested a great deal of money in 2012 because the interest rate for a savings account was lower than for a checking account.

Downtown beautification

For those keeping track of the city’s infrastructure projects, which isn’t easy, keep an eye on Apperson Way between Superior Street and Vaile Avenue.

Last week, the Kokomo Board of Public Works & Safety approved plans and specifications to continue the tree-lined medians further south, extending the corridor which stretches up to Taylor Street. The corridor will connect the new veterans housing project at Jackson Street with the renovated wing of the Memorial Gym complex, which is slated to host Indiana University Kokomo’s home basketball games.

City officials haven’t yet bid out the Apperson project.

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