VANDERBURGH COUNTY

BOARD OF COMMISSIONERS

JANUARY 27, 2009

The Vanderburgh County Board of Commissioners met in session this 27^th day of January, 2009 at 5:02 p.m. in room 301 of the Civic Center Complex with President Troy Tornatta presiding.

President Tornatta: The next action item, County Treasurer, Rick Davis, establish Board of Finance for 2009 and review investment report.

Rick Davis: Hello, everyone. My name is Rick Davis. I’m the newly elected Vanderburgh County Treasurer. I’m here today because state law requires the Treasurer to meet with the Vanderburgh County Commissioners in the month of January and establish the Board of Finance. I was sweating the snow storm out, because this is our last opportunity to do that in the month of January. So, I’m glad you had the meeting today. Z. Tuley, the former Treasurer, informed me that historically the county uses this meeting to vote for a President and a Secretary, and historically the Treasurer is the President of the Board of Finance and the Auditor is the Secretary. If you would like to continue with that practice, I would be happy to oblige, but I’ve been told it’s up to you make something of that order in the form of a motion.

Commissioner Winnecke: Repeat the combination one more time. I’m sorry.

Rick Davis: The Treasurer as the President of the Board of Finance, and the Auditor as the Secretary.

Commissioner Winnecke: Mr. President, I’ll move that we nominate the County Treasurer to be the Board President and the County Auditor be the treasurer.

Commissioner Melcher: I’ll second.

Rick Davis: Secretary.

Commissioner Winnecke: I amend it to be Secretary, I’m sorry.

President Tornatta: Okay. Alright, a motion and a second. Any questions of the Board or the audience, as we’re waiting for Madelyn. Madelyn, roll call vote, please.

Madelyn Grayson: Commissioner Winnecke?

Commissioner Winnecke: Yes.

Madelyn Grayson: Commissioner Melcher?

Commissioner Melcher: Yes.

Madelyn Grayson: President Tornatta?

President Tornatta: Yes.

(Motion approved 3-0)

Rick Davis: Okay, thank you. Secondly, this is the good news. I’m also here to inform you how well the Treasurer’s office invested funds on behalf of the Vanderburgh County taxpayers in 2008. The Treasurer earned $3,794,029.53 on behalf of the Vanderburgh County taxpayers. I think that is excellent considering the tough economic times and climate that we’ve been dealing with over the last year. The average interest rate on all of her investments was 2.72891. So, if you see Z. Tuley, you might want to thank her for the three million dollars on behalf of the county. This year is going to be very challenging for our office with investments. As you know, the Fed has cut interest rates, I believe, ten times in the last year and a half, in an effort to encourage Americans to borrow money to help stimulate the economy. While the interest rate is wonderful for anyone wanting to purchase a big ticket item, like a car or a home, it’s discouraging for people, or even government entities like ourselves, who are investing in safe investments such as Certificates of Deposit, which is the bulk of the county’s investments. I assure you that our office will do our best to maximize our investments, to the best of our ability, because I do believe that every dollar that we earn on interest is a dollar you will not have to tax the taxpayer. I do want you to understand, however, that interest rates for guaranteed investments are going to be extremely low this year. We hope for an uptick in the middle of the year, or the second half of the year. I’ve given you the investment sheet. All of the investments that former Treasurer, Z. Tuley, made in 2008, as well as the investments that I’ve already made in the month of January of this year, minus two that were done today. That report was drawn up yesterday.

President Tornatta: Alright, any other questions? Anything else, Rick?

Rick Davis: No, I just wish everyone a safe trip home.

President Tornatta: Alright. Congratulations on you taking over the office, and good luck with your investments.

Rick Davis: Thank you very much. Appreciate it.

President Tornatta: Thank you. I’m sure this won’t be the only time we’re going to see you this year.

VANDERBURGH COUNTY

BOARD OF FINANCE

Rick Davis, President

Vanderburgh County Treasurer

Troy Tornatta, Member

Vanderburgh County Commissioner

Stephen Melcher, Member

Vanderburgh County Commissioner

Lloyd Winnecke, Member

Vanderburgh County Commissioner

Attest: William J. Fluty, Secretary

Vanderburgh County Auditor

(Recorded and transcribed by Madelyn Grayson.)