Commission renews United Bank CD
By By Lisa Tindell
Sound financial advice was the topic of the day as Escambia County's commissioners met Monday.
"We don't expect to see any changes in interest rates from the Federal Reserve throughout the balance of the year," Dan Britton, a representative of BancTrust, said. "We solicited offers from banks in Escambia County and feel that interests should remain the same for the next several months."
The information was essential in helping the commission members to make a decision concerning the maturation of a $1 million certificate of deposit currently held at United Bank in Atmore.
"The interest rate presented by United Bank was very aggressive," Britton said. "They already have your (the commission) money and would certainly like to keep it. Their offer on a 24 month CD is the best offer received. All county banks made aggressive offers."
The commission took the advice of Britton and voted unanimously to accept the offer of locked-in interest of 5.31 percent from United Bank. The re-investment of the money would mean the county would earn $53,100 annually for a two-year period.
Other interest rates offered by banking institutions in Escambia County were Escambia County Bank of Flomaton: ranged from 5.35 percent for a six-month investment to 5.25 percent for 24 months; Regions Bank in Brewton: ranged from 4.84 percent for six months to 4.73 percent for 24 months; Colonial Bank in Brewton: ranged from 5.31 percent for six months to 5.17 for 24 months; Bank of Brewton: offered 5.70 percent for six and 12 months only with no 24-month rate offered; BankTrust in Brewton: ranged from 5 percent for six months to 5.25 percent for 24 months; The First National Bank &Trust and First Progressive Bank of Brewton made no offers.
Britton indicated that he would be with the commission again in the near future as two other county-owned CDs will reach maturation in December and January.
In other business the commission approved the 2007 fiscal year budget for the Escambia County Community Corrections Authority.
The budget shows a total revenue for the year of just over $96,000 with total annual expenses of just over $85,000. Revenue includes monies received from supervisory fees, drug test fees, electronic monitoring, contract fees and McMillan Trust. Expenses include salaries, benefits, outside services supplies, legal fees, telephone fees; health insurance, monitoring and testing supplies, postage, education and training and Federal income taxes.
"The Community Corrections Authority is funded by the Alabama Department of Corrections and fees paid by participants," said Tony Sanks, county administrator. "The county does not fund any part of the program, we serve as the sponsor of the program and handle financial aspects for the agency."
The Authority is an alternative to incarceration for those convicted on non-violent crimes Sanks said.
"Sometimes people are released from jail to community corrections or may be sentenced to community corrections in lieu of imprisonment," Sanks said. "There are a strict set of guidelines that call for monitoring of participants including drug testing, site visits to participants' jobs and/or homes."
The Escambia County Community Correction Authority operates under the direction of Jerry Caylor and is housed in the Escambia County Courthouse Annex building.
In other business, the commission: