Walker County has moved $12 million from its longtime account at the Bank of LaFayette to a higher-interest account with Regions Bank, officials announced at last week’s Board of Commissioners meeting. County leaders framed the shift as a cash-management step to earn more on public funds
On Monday the County Issued further clarification on there decision.
Information below is provided by Walker County
For transparency and accountability, we would like to provide some clarification on a decision made by the Board of Commissioners in June to establish a secondary banking relationship with Regions Bank.
The County has a fiduciary responsibility to continually explore ways to manage taxpayer dollars more efficiently and effectively. As part of our financial strategy, the County met with five banks, including the Bank of LaFayette, between January and June, on ways we could strengthen our financial position.
The County established a secondary banking relationship with Regions after reviewing these options. Regions is providing the county with an aggressive interest rate to help us maximize some of our funds. The additional savings generated through interest is one of many financial strategies we’re implementing to maintain services without increasing property taxes. The Board of Commissioners was actually able to roll back the millage rate this year to the lowest point since 2012, saving the average ($250,000 value) property owner $17.34 in the unincorporated areas and $37.44 in the incorporated areas.
In addition, Regions is providing the County with state of the art fraud protection, as well as technological upgrades to financial services. The partnership with Regions also saved the County thousands of dollars in payroll services through their connection with Paycor.
The County continues to bank with the Bank of LaFayette. We have a great relationship with them and appreciate all they do for our community. However, after experiencing some of the emerging technologies in the banking sector, we do plan to issue a RFP to explore additional ways we can be responsible trustees of public funds.