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Supervisors told that “millions” of dollars to be moved to new accounts

MASON CITY – Cerro Gordo County Supervisors received an update from Treasurer Pat Wright on investment changes that are being readied at this time.

She said Tuesday that interest rates on county accounts were being slashed and that new investments were being looked at. She said “millions of dollars would be going out” to other banks.

It wasn’t immediately clear where the account(s) are currently located and she had not yet determined where the money would be moved to but some is being moved into CD’s.

Wright did say the lower return on investment would have a large impact on the county budget.

More to come on this.

Read meeting agenda here.

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