Allen County’s investment income zooms up 70 percent to $4.2M in 2019
The rich just keep getting richer — at least as far as Allen County government is concerned.
Thanks in large part to a growing cash reserve that has reached about $120 million, Allen County’s investments generated about $4.2 million in interest in 2019. That’s an increase of about 70 percent over the $2.47 million earned in 2018. County Treasurer William Royce outlined the numbers in his annual report to the Commissioners Friday.
Due also to an increase in interest rates that has since moderated, the county’s investment income has been on the rise for years. As recently as 2013 the number was in the low six figures, increasing to $520,300 by 2015, $795,711 the following year and to $1.15 million in 2017.
Most of last year’s interest earnings — $2.32 million — was generated by the surplus in the county’s general fund. Officials have said the size of the county’s reserves is misleading, since much of the money is earmarked for projects.