2017-10-23 Meeting to discuss interest sweepMeeting to discuss interest ‘sweep’
October 23, 2017
11:08 a.m.
Present: Commissioner Stamper, Commissioner Fund, Arny Davis, Rodney Reynolds, Becky Butler, Steve
Walton, Commissioner Jackson (11:10 a.m.)
Guest: Justyna Tomtas, Ron Averill (11:10 a.m.)
Recorder: Rieva Lester
Arny Davis said the Attorney General’s Office (AGO 1010 No. 10) has issued an opinion regarding
discussed interest sweeps.
Ron Averill and Commissioner Jackson joined the meeting at 11:10 a.m.
Arny said Rodney Reynolds has ID’d 19 funds, of which four cannot be swept. He said Rodney reviewed
funds that possibly could be swept, including Emergency management, self-insurance, distressed
counties, criminal drug, tourism promotion, and land acquisition.
Arny said he would urge the board to avoid sweeping a couple of funds, including the Auditor’s fund. He
also said the Capital Facilities fund is restricted.
Rodney said the AG goes into detail to state that interest earned and revenue are separate.
Arny urged the commissioners to speak with counsel before making any decisions regarding interest
sweeps.
Suzette Smith said the policy would need to identify funds that would not be swept. Suzette said she
would lean toward not making exceptions.
Ron, Suzette, Arny, Rodney and Justyna Tomtas left at 11:26 a.m.
Meeting ended at 11:28 a.m.