County treasurer reports strong investment income; ARPA and courthouse, McKinley projects drawing funds

Boone County’s finance staff reported July investment earnings and provided updates on capital project spending and ARPA usage Thursday.
Kurt Newport, county treasurer, told the committee the county posted $218,000 in interest in July and that the county’s investment pool has earned more than $1.1 million in interest so far in the fiscal year. Newport said the pool’s near-term yields have been elevated, and staff are keeping cash in liquid accounts while watching when to ladder certificates of deposit.
Administration staff member Becky (last name provided in packet) told the board a change in state law altered how certain purchases are classified for local tax reporting: some out-of-state purchases that had been recorded as use tax will now be reported as sales tax under the state change, so the revenue will still be received but it will appear in a different line on monthly reports.
On projects and ARPA: Becky reported ARPA (American Rescue Plan Act) reimbursements are currently funding courthouse renovation payments to Scandroli and McKinley Avenue payments to Raylan Johnson; those are the only expenses she listed coming from the ARPA fund at present. She said the courthouse has received approximately $1.8 million in payments to Scandroli and total courthouse project expenditures are about $2.8 million so far. McKinley payments were reported near $1.6 million and PSP remodel permit activity has just begun.
Becky told the board that at the current draw rate ARPA funds will likely be depleted in roughly six months and reminded members that once ARPA funding ends staff and board will need to consider future funding strategies. She also walked through budget-tracking reports pulled from the county’s financial system and explained election-line and Regional Office of Education billing fluctuations, noting those line items vary depending on the election cycle and billing cadence.
Why it matters: The monthly interest income helps the county’s operating position; at the same time, capital projects and ARPA-supported payments are actively drawing down reserves and will require board attention during the upcoming budget cycle. Newport and Becky both encouraged board members to ask questions about timing and liquidity before committing funds to long-term instruments.
Board action: No formal vote on budget or project spending occurred Thursday. The board did approve routine procedural motions earlier in the meeting (allowing a member to join electronically and adjourning at the end of the session).