County invests locally

Published 5:09 pm Wednesday, October 25, 2006

By By Lisa Tindell – news writer
Sound financial advice was the topic of the day as Escambia County's commissioners met Monday.
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 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; First National Bank of Atmore 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 Authority is an alternative to incarceration for those convicted on non-violent crimes Sanks said.
The Escmaib Acounty Community Corection Authority operates under the direction of Jerry Caylor and is housed in the Escambia County Courthouse Annex building.
In other business, the commission:

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