Officials look at options for investments growth

Commissioners may still put some money in another bank.
NEW CASTLE, Pa. -- Lawrence County is doubling the percentage on its investments, but officials are still trying to determine if it will produce enough money to get through the end of the year.
Commissioners Dan Vogler and Ed Fosnaught agreed Tuesday to keep the county's $11 million in First Commonwealth Bank and move it to an Investment Preferred Plus account earning 1.6 percent interest. The money was previously in a regular checking account earning 0.78 percent.
Commissioner Steve Craig was on vacation and did not attend Tuesday's meeting.
Commissioners have agreed to take a conservative approach to investing county money this year after learning that the county lost a total of $128,000 on bond investments last year.
How much is needed
But they are still trying to determine how much money is needed to get through the rest of 2004. Commissioners are meeting with Controller Mary Ann Reiter and Treasurer Gary Felasco next week to talk about the county's expenses.
Until then, commissioners say they will continue to look at other banks offering better interest rates.
Fosnaught said he was upset that First Commonwealth, where the county has had its money, did not offer the county the higher interest rate before now.
Fosnaught wanted to split the $11 million between First Commonwealth and Citizens Bank, but agreed to wait until Craig returned from vacation to talk about the issue.
Vogler said if the money was split between banks he would prefer to use a bank with a local presence such as Sky Bank. Citizens Bank has no branches in Lawrence County.