Published: October 30, 2009 08:22 pm      

County invests highway funds

By TESA CULLI

tesa.culli@register-news.com

MT. VERNON — County Motor Fuel Funds have now been invested into accounts that will get a higher interest rate, according to information provided to the County Board from Treasurer Debbie Marlow.

In September, members of the Jefferson County Highway Committee began questioning Marlow about the amount of interest being received on the funds, after Bob Tyler, an auditor with the Illinois Department of Transportation, questioned the figure.

At that time, Marlow told the board she would check into the issue, and commented that at this time the funds were in checking accounts, which do not earn a very high interest rate. She said she had asked the highway department administrative assistant, Sandra Wellmaker, for information on how much needed to be kept in the checking accounts for planned projects so the remainder could be invested, but had not received an answer to her questions.

Prior to September, Marlow had provided bank statements to the highway department on the motor fuel tax accounts, however, she has stopped that practice, she said.

According to a letter provided to board members on Oct. 26, the Road District Motor Fuel Funds and the County Motor Fuel Tax funds have been deposited in a savings account that will yield a greater return of interest compared to the previous checking account, Marlow reported.

“After talking with Sandra Wellmaker, administrative assistant and comptroller of the Jefferson County Highway Department, she said the major projects of the highway is over for the year,” Marlow wrote. “...I depend on Ms. Wellmaker to inform me of the workings of the department. I have a letter from Ms. Wellmaker agreeing to the fact I have asked her what direction to take with the monies at the Highway Department. Without that information, I will not invest or tie up the monies for a given time because they might have a project coming up that I would not know about.”

The transfer of funds also came after a meeting between Marlow, Highway Committee Chairman Jim Laird, Deputy Treasurer Toni Hicks and Wellmaker. However, during that meeting, Marlow also reported she would not be releasing bank statements to the department any more, due to concerns of identity theft, according to Highway Committee meeting minutes.

After being questioned about the amount of interest received on the accounts in September, the bank statement was released to parts of the public, and Marlow said the confidential information on the statements released could pose a security risk for the accounts. Under state law, Marlow, as treasurer, is the only person authorized to handle the funds, which includes balance inquiries.

“I have said I will give them the information contained in the statements, but not the statements themselves,” Marlow said.

However, the committee is looking at other options, and County Board Chairman Ted Buck assigned two board members to work on the issue during the board meeting on Oct. 26.

Laird presented the idea of electronic banking with secure PINS for the two different offices as a solution. The group of board members assigned to the subcommittee has been asked to looking into all options available to resolve the issue.