By Sonya Campbell
Killeen Daily Herald
BELTON - The Bell County Commissioners Court heard a report Monday on the county's interest and investments for fiscal year 2011.
County Treasurer Charles Jones presented the report during the regular Commissioners Court meeting.
In the report, it was noted that the total interest earned by the general fund for fiscal year 2010 was $261,220 - $486,124 less than fiscal 2009.
Including all accounts, the county's interest collected was $496,917 for fiscal year 2010 compared to $1,530,775 the year before.
Jones said the Federal Reserve's Federal Open Market Committee did not adjust rates during the 2010 fiscal year and noted the federal funds rate is at a range of 0 percent up to 0.25 percent, which was set Dec. 16, 2008.
The drop in the amount of interest collected from 2009 to 2010 is a reflection of "how bad things really are in regard to area of interest rates," Jones told the court. "It's rough."
Also during the meeting, Jones was credited with receiving the Victor E. Martinelli "Outstanding County Treasurer of the Year" award from the National Association of County Collectors, Treasurers and Finance Officers. The award was presented July 17, 2010, in Reno, Nev.
Contact Sonya Campbell at email@example.com or call (254) 501-7557.