Treasurer seeks to reinvest county funds from on-hold projects

With several county projects put on hold due to COVID-19 issues that have forced the county commissioners to push back datelines on projects like the new Holmes County Health Department building project, Holmes County Treasurer Leslee Mast has some decisions to make concerning the money that would have gone into making those projects happen.

Mast said the goal is to reinvest that money to earn more interest on funds that have been set aside for the projects being pushed back. Commissioner Rob Ault said the projects being suspended for the time being will not include the work on a water tower next to the Holmes County Home nor the work being done to restore the Holmes County courthouse clock tower.

The commissioners met with Mast on Monday, June 15 to discuss possibilities. During the meeting Ault said they will probably push the suspended projects back a year, meaning the money has a chance to accrue interest during that time.

Mast said investments in short-term CDs is one option that could yield more funds for the county during that time period.

“We have some small maintenance things to do, but as for the big money projects, the water tower and clock tower projects are the only ones left on the agenda,” Ault said.

Mast said while she will invest wisely, she will keep appropriate funds in a money market account that the commissioners can readily get to in case of an emergency.

“We don’t know what is going to happen (with the COVID-19 virus) in the future, so we definitely don’t want to get caught short-handed,” Commissioner Ray Eyler said.

The two sides agreed to set up an investment meeting to further flesh out where the wisest short-term investments would be and how they want to approach investing. One thing she did note was that she wants to invest locally whenever possible.

Mast said the various county entities have been very thrifty in their spending, noting the county began focusing on long-term investing even before the virus hit hard. That decision was based on the ongoing drop in interest rates, and Mast said the county was actually fortunate to have taken those steps with the arrival of the coronavirus.

Even so, she said the future remains murky because of all of the uncertainty of the virus.

“Short-term for Holmes County hasn’t been bad, but we are not sure yet about what the consequences of coronavirus means for us as a county in the long-term,” Mast said. “If interest rates stay where they are now, we are looking at some decreases and declines. We just don’t have an answer yet.”

Mast said Holmes County has a history of bouncing back quicker than most areas following problematic times, so she is hopeful the recent surge in the economy following Ohio Gov. Mike DeWine’s loosening up regulations is a strong predictor.

Mast said the county entities will continue to be conservative in their budgets with each department looking at reducing expenses.

“Unfortunately, many of our departments have experienced additional expenses due to or in preparation for coronavirus,” Mast said. “Now, preparing for the future takes more money from our county budget, but at least the original impact is now done. I think one of the most important things for us to do right now is communicate well.”

The other aspect of finances right now is the upcoming issuance of property-tax bills. With a larger population of people on unemployment and struggling with finances, the onus of facing a property tax at this time could be daunting.

While Mast said many area home and property owners should be OK because they make payments through escrow, meaning they make monthly payments, those who don’t could be facing a large lump-sum payment this July.

“A big percentage of Holmes County property owners do pay through escrow, but for those who don’t, we do have payment-plan options,” Mast said. “We are available to anyone who might feel like this could be a burden. I just want to stress that they don’t wait too long to communicate with us. We always encourage people to communicate with us but do it before the time arrives. Don’t wait until the last minute, even though that is kind of human nature.”

Anyone wishing to contact the Treasurer’s Office with questions concerning property tax or to set up a meeting may call 330-674-5871.