TCC discusses a $3-million investment

A recent $3-million discussion left some Toccoa Commissioners uneasy.

At the recent Toccoa City Commission work session, Toccoa’s Finance Director Becky Bohannon and First Citizens Bank Vice President Spencer Dean came before the board to discuss investment banking.

City Manager Billy Morse gave the commission an overview of the program.

“This is the first time in a while that we would be able to make some interest,” Morse said.

The anticipated amount each year is between $66,000 and $68,000 a year.

Commissioner Jeanette Jamieson asked Dean what risk were associated with this type of portfolio.

According to Dean, the only type of risk would be interest risk.

Commissioner Terry Carter told WNEG News, after the meeting, that this was the first of several discussions to be had before the commission makes a decision.

He says that currently city funds are not drawing interest while in a typical bank account.

Carter added that the key to convincing the commissioners would be to ensure that the funds would be invested both safely and secure.

Carter has recommended the city put out a request for proposals so that local banks would be available to submit offers to provide banking services to the city.

WNEG News will continue to provide coverage as more information is released.